NEW DELHI: Indian companies continue to import Russian oil, volumes may have declined though transactions with Russia have not stopped, a...
NEW DELHI: Indian companies continue to import Russian oil, volumes may have declined though transactions with Russia have not stopped, a source in the Indian oil industry told TASS.
"Oil companies still purchase Russian oil. Volumes may have declined, though [purchases] have not stopped," he said.
"All companies support a commercially advantageous deal, we continue to purchase Russian oil or any other that is cheaper," the source noted.
It is customary practice on the spot market if the volumes of purchases from different suppliers change from month to month, which is due to price fluctuations, supply conditions, the quality of oil, seasonal demand, and logistics, he explained.
"However, the Indian government has made it clear that there is no interruption in Russian oil supplies. Russian oil is not under sanctions," the source emphasized.
The US administration has imposed additional tariffs of 25% on India in connection with its purchase of Russian oil. In addition to the US's decision taken earlier to impose a 25% tariff on Indian goods, the rate for the South Asian republic will now be increased to 50%.
US President Donald Trump said earlier that India always imported most of its military equipment from Russia, being the largest buyer of Russian energy resources along with China. The Indian Foreign Ministry slammed US and EU attacks on Russian oil imports as unjustified, as Western countries used to encourage such trade and continued to purchase goods and services from Russia themselves. The ministry has said that it is extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest, adding that those actions are unfair, unjustified and unreasonable, and that India will take all actions to protect its national interests.
-News Feed
COMMENTS