Russia confirmed that oil exports to India will continue as usual. Russian authorities reported a mechanism to ensure continued supplies.
Stable Oil Supplies
A senior official at the Russian embassy in New Delhi confirmed that oil exports to India will not stop. Roman Babushkin, Russia’s chargé d’affaires in India, stated that 'India’s crude oil imports will remain at the same level.' This information was revealed during a press briefing.
India Increases Purchases Again
India’s biggest state-owned refiners, such as Indian Oil Corporation and Bharat Petroleum Corporation, have resumed buying Russian oil for September and October delivery. This decision was influenced by widened discounts making purchases more profitable.
U.S. and EU Pressure on India
Meanwhile, the U.S. is imposing additional 25% tariffs on Indian exports, citing India's increasing appetite for Russian oil. The European Union has also placed sanctions, particularly against Nayara Energy, affecting its production.
Despite international pressure, Russia and India continue to develop trade relations. A meeting between Putin and Modi is expected to occur before the year ends, potentially reaffirming both countries' commitment to cooperation.
