Money and business

We continue to import Russian oil

Two sources familiar with Bloomberg said today, Sunday, that India has not issued any instructions for the country’s oil refineries to stop buying Russian oil, while New Delhi seeks to meet its energy needs and maintain relations with Moscow, without raising the ire of the United States.
US President Donald Trump severely criticized India last week for continuing to buy most of its military and energy equipment from Russia, and imposed on it 25% on Wednesday, threatening more severe sanctions.
Two days later, Trump told reporters that he had “heard” that India would stop buying oil from Russia, describing it as a “good step.”
However, many Indian government officials stated that government and private companies, alike, are allowed to buy from their favorite sources, and that buying crude oil remains a commercial decision made by these companies.
The New York Times reported yesterday, Saturday, that India will continue to buy Russian crude oil despite Trump’s threat to impose sanctions, quoting senior Indian officials.
India is the largest global buyer of Russian crude oil exports transported by sea, as it acquired oil at a cheaper price, and its purchases increased from zero to about a third of its imports.

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