Bloomberg: India decided not to violate sanctions against Russia

The Indian authorities have decided not to violate the sanctions imposed against Russia, including the price ceiling for Russian oil at $60. Bloomberg with reference to sources. According to the interlocutors of the agency, officials in the Indian government have asked banks and traders to adhere to the current restrictions.

According to one of the sources, Indian representatives discussed sanctions in detail with counterparts from the US and other G7 countries on the sidelines of the G20 ministerial meeting, which was held in Delhi in early March. The interlocutor noted that the parties were satisfied with the results of the negotiations.

From December 5, the oil price ceiling at $60 per barrel came into force, from February 5 – for oil products from Russia at $100 and $45 per barrel (for products that are traded at a premium and a discount to oil, respectively).

On March 1, a senior US State Department official said Bloombergthat India buys oil from Russia at a price below the ceiling. According to him, oil purchases from Russia are a constant topic of negotiations between the United States and India, because Washington wants to deprive the Russian Federation of the revenues Moscow needs to wage an armed conflict in Ukraine.

In 2022, India has displaced Europe as the main buyer of Russian oil shipped by sea, according to the International Energy Agency. Compared to the period before February 24, India increased its imports of Russian oil by 16 times. Almost a third of India’s oil imports come from Russia.

Erdni Kagaltynov