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Russian Free Press

India agrees to abide by price ceiling on Russian oil purchases – Bloomberg

March 12, 2023
in Daily News
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India will not violate Western sanctions against Russia, including compliance with the ceiling on oil prices set at $60 per barrel. Bloomberg writes about this, citing sources familiar with the matter.

According to one of the interlocutors of the agency, Indian officials discussed this issue with representatives of the United States and other states during the G20 ministerial meeting, which was held in Delhi in early March.

In February, it was reported that the Indian state-owned oil refinery Hindustan Petroleum Corp Ltd (HPCL) refused to disclose at what price it buys Russian oil. After that, according to Bloomberg, she had difficulties with paying for raw materials: the company cannot find Western banks willing to process such payments.

According to the International Energy Agency, over the past year, India has significantly increased its imports of Russian oil. It accounts for nearly a third of India's total oil imports.

The price ceiling is in effect from 5 December. For crude oil, it is set at $60 per barrel. The marginal price for petroleum products is $100 per barrel for light products and $40 for dark products.

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