EN route to New Delhi this month, US officials proclaimed themselves satisfied that India is buying Russian oil below G-7 price caps designed to undercut Moscow’s war in Ukraine without disrupting global energy flows.India’s consumption of Russian crude was minimal and sporadic before President Vladimir Putin’s forces attacked Ukraine, but it has soared since, becoming a key tool for Prime Minister Narendra Modi’s bid to fight energy inflation.
India’s oil ministry, Ministry of Commerce and Ministry of External Affairs did not respond to requests for comments. Data from India’s Ministry of Commerce show that the nation’s average price for Russian crude in January was $79.80 a barrel, significantly higher than the $60 cap. That final price, which includes shipping, insurance and other expenses, would imply extraordinary logistics costs if the cap wasn’t breached during that month.
If correct, those analyses are good news for the Biden administration, which is eager to have large emerging nations support its efforts to stymie the Russian war machine while ensuring uninterrupted flows.
Source: News Formal (newsformal.com)
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