India is helping the US curb global oil prices.
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US Ambassador to India Eric Garcetti said this at a conference at the American Center for International Policy on May 9.
India bought Russian oil because we wanted someone to buy it within the price limit. This was not a violation of sanctions, this was part of the policy because we did not want commodity prices to rise. And they delivered,” Garcia said.
In order to limit the Kremlin’s oil revenues and cut off funds for the war in Ukraine, but not to cause a rise in world oil prices, Ukraine’s international allies, among other things, introduced price restrictions on trade in Russian oil. Russia can buy insurance for maritime oil transportation services only if its price does not exceed $60 per barrel.
In March, Reuters reported that India, the world’s third-largest oil importer and consumer, was seeking to diversify its supplies as new U.S. sanctions against Russia threatened to cut Russian oil sales to India.
About 7.6 million barrels of oil, or 256,000 barrels per day (bpd), were heading to India on three very large oil vessels and three Suezmax vessels, according to ship tracking company Kpler, the report said.
India was the largest buyer of Russian oil last year after other groups pulled out following Western sanctions against Moscow over its February 2022 invasion of Ukraine.
Last month, the United States stepped up efforts to curtail trade in Russian oil by adding sanctions against state-owned shipping company Sovcomflot.
According to the publication’s sources, India’s Reliance, operator of the world’s largest oil refining complex, will not buy Russian oil loaded on tankers operated by Sovcomflot following recent US sanctions.
In addition, more Indian refiners plan to avoid Sovcomflot’s ships, which could complicate imports of Russian oil and leave Russia with fewer outlets for their flagship product, the sources said.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.