India didn't ban refineries from buying Russian oil - Bloomberg
Photo: Indian Prime Minister Narendra Modi (Vitalii Nosach, RBC-Ukraine)
The Indian authorities have not instructed refineries to stop buying Russian oil. The decision to stop imports from Russia has not yet been made, reports Bloomberg.
According to the sources, India did not ban the purchase of Russian oil, as officials are trying to meet energy needs and maintain ties with Russia without incurring the wrath of US President Donald Trump.
The sources noted that the decision to stop imports from Russia has not yet been made. Both state-owned and private refineries have the right to buy oil from different sources.
According to Bloomberg, the purchase of crude oil remains a commercial decision that companies can make independently.
Reducing or stopping purchases of Russian oil will force India to re-supply oil from the Persian Gulf, which is more expensive. And New Delhi does not want to increase its import costs.
Will India abandon oil from Russia?
Western media reported that Indian state-owned refineries had temporarily stopped purchasing Russian oil last week. The reasons were allegedly a reduction in discounts and statements by US President Donald Trump regarding possible sanctions.
Trump also warned that the United States would impose a 25% tariff on India.
As of August 1, at least 4 tankers with Russian oil were stuck off the coast of India. However, according to the NYT, despite Trump's threats, India will not give up Russian oil.
Read more about whether Trump will punish India over Russian oil in RBC-Ukraine's article.
