Easing global oil prices would help India boost imports from Russia, a senior government official said on Friday, as a lower than $60 a barrel price of Russian oil will enable buyers to use Western services such as insurance and ships. The G7 countries and some other nations have imposed a ceiling of $60 per barrel for oil at Russian ports to cut Moscow’s revenue, Reuters reported.
India, the world’s third biggest oil importer and consumer, emerged as the biggest buyer of Russian seaborne oil.
The United States last month imposed sanctions on maritime companies and vessels for shipping Russian oil sold above the G7’s $60 price cap, in an attempt to close loopholes. The Indian official, who spoke on condition of anonymity, said there would not be any impact on India’s intake of Russian oil due to Western sanctions on ships as enough vessels were available in the market. He also said India buys Russian oil on delivered basis and refused to comment on the likely destination of one of the tankers. The vessel was on its way to India when the sanctions were imposed.