India will explore the possibility of purchasing crude oil from Russia at a price close to or above the G7 ceiling of $60 per barrel. This was expressed in Washington by Indian Finance Minister Nirmala Sitaraman. In this respect knowledgeable TASS.
As stated in the publication, this is necessary in order to reflect the risks to the Indian economy. Otherwise, India will have to pay a price that it cannot afford for oil.
Sitaraman emphasized that India has a large population, so the country should look at affordable fuel prices.
Explaining that in an environment where 80 percent of India’s oil needs are met from the imports of this energy carrier, the Finance Minister pointed out the importance of these agreements for the Indian economy, explaining that he is constantly pursuing the most profitable deals.
The decision to impose a ceiling on oil supply prices from Russia, adopted by the European Union countries, G7 countries and Australia, entered into force on December 5, 2022. The ceiling price has been set at $60 per barrel and will be reviewed regularly after January 15. Russia refused to accept the decision of the Western countries. On February 1, 2023, the Russian Federation began to ban the supply of Russian oil to countries using a ceiling price.