India continues to buy Russian oil at a price above the ceiling
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India buys Russian oil at a price above the ceiling of the G7 countries and the European Union (EU), although some supplies are carried out at a price below $60/bbl. This was stated by the Minister of Petroleum and Natural Gas of India Pankaj Jain. “No one is stopping us from buying Russian oil at a price higher than the established limit,” said Jain, quoted by the Indian edition of The Economic Times. He explained that Indian companies “do not use Western services.”
Jane specified that if the price of imported Russian oil exceeds the ceiling, Indian companies “find alternative settlement mechanisms on their own.” At the same time, he noted that when buying Russian oil at a price above $60/bbl. Indian companies “sometimes face payment delays”.
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