NEW DELHI: India will continue to buy cheaper Russian oil in the interest of the country, Finance Minister Nirmala Sitharaman He also said on increasing pressure to isolate the Kremlin.
“We have started buying, we have got enough barrels – I think three-four days’ supply will continue and it will continue,” Sitharaman said at an event on Friday. “The overall interest of India is kept in mind.”
State refiners are doubling down on Russian barrels being turned away by European buyers since the start of the war in Ukraine.
Oil Minister Hardeep Singh Puri said last week that the country has contracted Russian crude for delivery in the next three to four months.
Russia is offering India more oil at a discount of $35 a barrel over pre-war prices, Bloomberg News reported on Thursday.
“I would put my energy security first. If fuel is available at a discount, why shouldn’t I buy it?” Sitharaman asked.
The remarks came in the backdrop of the visit of Russian Foreign Minister Sergei Lavrov to the country. The South Asian nation has shied away from directly condemning Russia despite pressure from the US and its allies.
The discounted crude could help keep prices in check in India, which imports 85% of its oil needs.
Fuel retailers have started paying higher prices to consumers, putting pressure on the government to reduce fuel duty. It has resisted the move so far, while Brent crude is trading above $100 a barrel.
Finance Minister It also said that it would be better to have a platform like Unified Payments Interface that can interact with any other system like Belgium-based cross-border payment system operator SWIFT.
According to people familiar with the matter, India is considering a proposal from Russia to use a system developed by the Russian central bank for bilateral payments.
Under the plan, which is still under discussion, the ruble would be deposited in an Indian bank and converted into rupees, and the same system would work in reverse.
“We have started buying, we have got enough barrels – I think three-four days’ supply will continue and it will continue,” Sitharaman said at an event on Friday. “The overall interest of India is kept in mind.”
State refiners are doubling down on Russian barrels being turned away by European buyers since the start of the war in Ukraine.
Oil Minister Hardeep Singh Puri said last week that the country has contracted Russian crude for delivery in the next three to four months.
Russia is offering India more oil at a discount of $35 a barrel over pre-war prices, Bloomberg News reported on Thursday.
“I would put my energy security first. If fuel is available at a discount, why shouldn’t I buy it?” Sitharaman asked.
The remarks came in the backdrop of the visit of Russian Foreign Minister Sergei Lavrov to the country. The South Asian nation has shied away from directly condemning Russia despite pressure from the US and its allies.
The discounted crude could help keep prices in check in India, which imports 85% of its oil needs.
Fuel retailers have started paying higher prices to consumers, putting pressure on the government to reduce fuel duty. It has resisted the move so far, while Brent crude is trading above $100 a barrel.
Finance Minister It also said that it would be better to have a platform like Unified Payments Interface that can interact with any other system like Belgium-based cross-border payment system operator SWIFT.
According to people familiar with the matter, India is considering a proposal from Russia to use a system developed by the Russian central bank for bilateral payments.
Under the plan, which is still under discussion, the ruble would be deposited in an Indian bank and converted into rupees, and the same system would work in reverse.