Saturday, November 26, 2022

India Turns to Russia – Considers Buying Discounted Russian Oil ‘at Heavy Discount’

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A little over a year ago, India was a staunch ally with American and President Donald Trump. But now thanks to Joe Biden India is drifting away from America in a major blow to US foreign policy.

Earlier today India announced it is considering taking up a Russian offer to buy its crude oil. India imports 80% of its oil needs. Thanks again to Joe Biden, US exports are diminished

The National Post reported:

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, two Indian officials said, amid tough Western sanctions on Russia over its invasion of Ukraine.

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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.

“Russia is offering oil and other commodities at a heavy discount. We will be happy to take that. We have some issues like tanker, insurance cover and oil blends to be resolved. Once we have that we will take the discount offer,” one of the Indian government officials said.

Some international traders have been avoiding Russian oil to avoid becoming entangled in sanctions, but the Indian official said sanctions did not prevent India importing the fuel.

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