India Keen on Russia's Discounted Oil Offer
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| Cover Image Attribute: The oil produced by Sakhalin-1 is shipped from the De-Kastri Oil Terminal / Source: Exxon Mobil |
By IndraStra Global News Team
As per the latest media reports, India is considering taking up a Russian offer to buy its crude oil and other commodities at discounted prices with payment via a rupee-rouble transaction, amid tough Western sanctions on Russia over its invasion of Ukraine.
As of date, India has not condemned the invasion of Ukraine and abstained from voting at the United Nations calling out Russia's aggression. Russia calls its actions in Ukraine a "special operation" to demilitarize and "denazify" the country.
According to the White House, India taking up Russia's offer of discounted crude oil would not be a violation of American sanctions. However, in Press Secretary Jen Psaki's words, "But also think about where you want to stand when history books are written at this moment in time. Support for the Russian leadership is support for an invasion that obviously is having a devastating impact."
India, which imports 80% of its oil needs, usually buys about 2% to 3% of its supplies from Russia. But with oil prices up 40% so far this year, the government is looking at increasing this if it can help reduce its rising energy bill.
Earlier this week, India's homegrown Oil major ONGC's subsidiary ONGC Videsh Limited failed to get bids in its tender to sell 700,000 barrels of Russian Sokol crude in a growing backlash against Moscow for its invasion of Ukraine. Initially, 11 parties including oil majors had shown interest in buying Sokol oil but later "sent a regret", the sources said.
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