NEW DELHI: India is focusing on stabilizing its economic ties with Russia and working out a payment mechanism to settle trade amid Western sanctions against Moscow for its invasion of Ukraine. foreign Ministry said on Thursday.
India has called for an end to the violence in Ukraine but has avoided outright condemnation of Russia, with which it has longstanding political and security ties.
Ministry spokesman Arindam Bagchi said at a press conference, “We have an established economic relationship with Russia. Given the current post-development situation in Ukraine, I think efforts are being made by both sides to ensure that that this economic relationship remains stable.”
“It’s not talking about growing … Bagchi said.
Before the Ukraine War, Indian refiners rarely bought Russian oil due to high freight costs. Western sanctions have seen many importers refrain from trading with Moscow, leading to record discounting levels in crude oil prices, prompting Indian companies to step in.
Since Russia invaded Ukraine on February 24, Indian refiners have ordered at least 16 million barrels of cheap Russian oil, the same as purchases for the entire 2021, according to Reuters calculations.
During a visit to New Delhi in late March, a top US official said the United States does not want to see a “rapid acceleration” in India’s oil imports from Russia.
India has called for an end to the violence in Ukraine but has avoided outright condemnation of Russia, with which it has longstanding political and security ties.
Ministry spokesman Arindam Bagchi said at a press conference, “We have an established economic relationship with Russia. Given the current post-development situation in Ukraine, I think efforts are being made by both sides to ensure that that this economic relationship remains stable.”
“It’s not talking about growing … Bagchi said.
Before the Ukraine War, Indian refiners rarely bought Russian oil due to high freight costs. Western sanctions have seen many importers refrain from trading with Moscow, leading to record discounting levels in crude oil prices, prompting Indian companies to step in.
Since Russia invaded Ukraine on February 24, Indian refiners have ordered at least 16 million barrels of cheap Russian oil, the same as purchases for the entire 2021, according to Reuters calculations.
During a visit to New Delhi in late March, a top US official said the United States does not want to see a “rapid acceleration” in India’s oil imports from Russia.