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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.


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