Telegraph India: India may support Russian oil price ceiling

India can support the price ceiling for oil from Russia. This will happen if the cost of Urals oil rises to $60 per barrel, writes Telegraph India, citing its own sources in the Indian Ministry of Industry.

So far, the introduction of a price ceiling set by Western countries has no effect on the supply of Russian raw materials. India receives oil at a price of 53-56 dollars per barrel. But, according to the publication, in the event of an increase in the cost of raw materials, the situation may change. If the EU threatens countries that trade with Russia at prices above the ceiling with new sanctions, the Indian government is likely to demand cheaper deliveries. Or even go to other suppliers.

At the same time, India is now the largest importer of oil from Russia over the past few months. According to Refinitiv Eikon, raw material deliveries totaled 3.7 million tons in November.

In December last year, the EU countries, the G7 and Australia agreed on a price ceiling for Russian oil – $60 per barrel. In response, the Russian authorities banned the supply of oil and petroleum products to countries that would insist on compliance with the “ceiling”.