India's First International News Journal

27.1 C
Saturday, March 25, 2023

India declined to accept the Russian proposal of a price ceiling on oil.

According to Reuters, citing an unnamed source in India’s Petroleum Ministry, the country’s authorities have not adhered to the agreement on Russian oil price restrictions, which was previously reached by Western countries.

The Reuters interlocutor stressed that India does not accept any obligations to Western countries regarding the purchase of Russian oil at prices below marginal prices. Moreover, the country has not signed any agreement to limit the purchase of Russian oil.

Since the beginning of 2022, India, together with China, has become one of the main buyers of Russian oil, but has not yet signed any restrictive agreement.

On Monday, March 13, Bloomberg reported that Indian authorities had asked banks and traders to adhere to a price cap on oil from Russia. It was noted that India would not breach sanctions against Russia and would not breach Russian oil price cap.

For latest updates and news follow The Eastern Herald on Google News, Instagram, Facebook, and also on Twitter.
Click here to show your support.
News Room
News Room
The Eastern Herald’s Editorial Board validates, writes, and publishes the stories under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on

Public Reaction



Read More