Russian oil: Indian oil corporations purchase Russian oil from open markets, govt has no position in it: Overseas secretary

Kwatra was talking at a media briefing on Prime Minister Narendra Modi’s go to to Uzbekistan to attend the SCO summit.

India’s crude oil imports from Russia have jumped over 50 occasions since April and now it makes up for 10 per cent of all crude purchased from abroad. Russian oil imports have been simply 0.2 per cent of all oil imported by India previous to the Ukraine warfare.

“India shouldn’t be a member of the G7. Deeper reductions, market pricing.. look, we now have mentioned this a number of occasions that when the Indian entities exit and check out to reply to India’s wants of the vitality safety and procure oil, they basically procure it from the market,” Kwatra mentioned.

“These should not government-to-government purchases that we do. On the value cap coalition, what type it takes, what form it evolves into, one thing I feel the nations that floated that concept maybe can higher reply to it,” he mentioned.

Kwatra additionally refused to reply on the queries concerning the proposed value cap on Russian oil, a transfer initiated by the G7 nations to choke Moscow’s oil income. The G7 nations are reportedly searching for India’s help to implement the value cap on Russian oil.

Modi is about to satisfy Russian President Vladimir Putin on the sidelines of the summit of the SCO.

The Western nations are step by step bringing down their vitality purchases from Russia following its assault on Ukraine.

The G7 comprised Japan, the UK, the US, Canada, France, Germany and Italy.


(Inputs from PTI)