India will continue to buy crude oil from anywhere in the world, including Russia, to meet its energy needs, a top official said before EU restrictions on Russian oil take effect.
The European Union’s executive body has asked its 27 member states to limit the price of Russian oil to $60 as part of the West’s effort to squeeze Moscow’s oil revenues and its ability to wage war in Russia. Ukraine while preserving world prices and stocks. stable.
“Unlike Iran and Venezuela, there are no sanctions against buying oil from Russia. So anyone who can arrange shipping, insurance and financing outside the EU can buy oil,” the official said.
The price caps are part of the EU’s plan to use its power in the insurance and shipping industries to shrink Moscow.
“We will continue to buy oil from all over the world, including from Russia,” he said.
Under the price-cap system that comes into effect on December 5, companies shipping Russian oil outside Europe would only have access to EU insurance and brokerage services if they sell the oil at or below $60.
“So for all practical purposes, if I can send a ship, get insurance and figure out a method of payment, I can continue to buy oil from Russia,” the official said, explaining how the mechanism works. “All options are on the table.” India, the world’s third-largest importer of crude oil after China and the United States, has seized discounted Russian oil after some in the West shunned it as a means of punishing Moscow for its invasion of Ukraine.
From a market share of just 0.2 percent in India’s import package before the start of the Russia-Ukraine conflict, Russia’s share of Indian imports rose to 4.24 million tonnes, or nearly 1 million barrels per day, in October . share similar to that of Iraq and higher than Saudi Arabia’s share of about 15 percent.
“Nobody says you shouldn’t buy Russian oil,” he said. “Russia is only one of the suppliers, not a majority supplier. Indian supplies come from 30 countries. We have the flexibility to source oil from any country and therefore we should not expect any disruption.” Indian refineries have booked Russian oil shipments for delivery after December 5.
Russia has threatened to refuse to sell its oil to anyone seeking to limit prices.
For Russia to keep oil sales going, it and its buyers must use vessels, insurance and financing outside of the G-7’s jurisdiction.
The US likes Russia selling its oil beyond the limit, but using non-Western shipping, insurance and banking services would probably be more expensive.
(This story has not been edited by DailyExpertNews staff and is auto-generated from a syndicated feed.)
Featured video of the day
Korean YouTuber Tells DailyExpertNews How She Was Abused, Thanks Mumbai Cops