Indian Finance Minister Nirmala Sitharaman publicly stated on Friday (1st): “The government has always put national interests and energy security first. If you can buy (Russian) crude oil at a discount, why not buy it?”
It has been a month since the Ukrainian-Russian war and Western countries have expanded economic sanctions on Russia. Some buyers in Europe and the United States have avoided buying Russian oil, but India and China have ignored the sanctions and become the main buyers of Russian gas and oil.
According to foreign media reports, India’s recent purchases of crude oil from Russia (per barrel) have enjoyed a discount of up to $35 compared with the pre-Ukrainian-Russian war, and given the sharp fluctuations in oil prices, India’s actual crude oil discount is obviously even higher. Russia and India will also establish a ruble-rupee bilateral payment system bypassing Western sanctions.
Indian Finance Minister Sitharaman said in an interview on CNBC-TV18 India Business Leaders Awards on Friday,India’s purchase of Russian oil and gas is in the national interest, and of course it must continue to buy it.
“The government has always put the country’s interests in mind, and energy security should come first. India has started buying Russian oil, and if services can be obtained at lower prices, why not make a decision that benefits the Indian people,” Sitharaman said.
India is the world’s second most populous country and a major developing economy. Up to 85% of its crude oil demand is dependent on imports. It is reported that since Russia hopes that India will start with at least 15 million barrels of contract purchases this year, government-level negotiations will be launched on this condition. In response, the United States warned India and other countries not to increase imports of Russian oil.
It is natural to buy oil from Russia at a discount, Sitharaman said, adding that India has moved ahead with purchases and more oil will be shipped from Moscow to New Delhi. cautiously optimistic.