India said to continue buying Russian oil

December 02, 2022 08:47 pm | Updated 08:48 pm IST - NEW DELHI

India will continue buying Russian oil because sanctions allow purchases provided that Western services are not used, an oil ministry source said on Friday.

The comment comes a day after European Union governments tentatively agreed on a $60 a barrel price cap on Russian seaborne oil, which comes into effect on Dec. 5.

The cap, an idea proposed by the Group of Seven (G7) nations, is aimed at limiting funding for Russia's invasion of Ukraine while maintaining adequate oil supplies for the global market.

India has emerged as the largest buyer of Russian oil behind China as refiners snap up discounted crude shunned by Western nations.

Indian refiners would continue to lift Russian oil beyond Jan. 19, the oil ministry source added.

Vessels of Russian petroleum that are loaded before Dec. 5 and unloaded at their destination before Jan. 19, will not be subject to the price cap, the U.S. said last month.

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