Officials said on Friday that India will continue to import crude oil from any country in the world, including Russia, with the European Union’s price cap on Russian crude coming into effect soon.
The European Union has instructed its 27 member states to set a price ceiling for Russian crude oil at $60 per barrel. The European Union has taken this action in an attempt to restrict the country’s military capability over Ukraine by suppressing the revenue that Russia receives from the sale of crude oil.
Accordingly, companies that export Russian crude oil to other regions can only access the EU’s insurance and brokerage services if they sell it for US$60 per barrel or less. While India is importing a large amount of crude oil from Russia, Indian officials said regarding this issue:
The price cap is part of an EU plan to tighten its grip on Russia, using its vast influence in the global insurance and freight industries.
But like Iran and Venezuela, there are no restrictions on buying crude oil from Russia. Therefore, anyone who arranges transportation, insurance, and money transfer outside the European continent can buy oil from Russia. Therefore, he said that India will continue to purchase crude oil from any country in the world including Russia.