New Delhi: Ahead of the European Union’s price cap on Russian oil, a top official said that India will continue to buy crude oil from anywhere in the world, including Russia, to meet its energy needs. In fact, the executive body of the European Union (EU) has asked 27 member countries to fix the price limit for Russian oil at $ 60 per barrel.
The purpose of this move by Western countries is to affect Russia’s ability to fight the war with Ukraine by reducing oil revenue while keeping global crude oil prices and supplies stable. But Russia is infuriated by this decision of the European Union.
‘No restriction on buying oil from Russia’
The official said, “Unlike Iran and Venezuela, there is no restriction on buying oil from Russia. In such a situation, whoever can arrange shipping, insurance and financing can buy oil. He also said that we will continue to buy oil from anywhere in the world, including Russia.
The price cap will be applicable from December 5
EU’s price cap plan on Russian oil will be applicable from 5 December. Under this, companies transporting Russian oil outside Europe will be able to use EU insurance and brokerage services only when they sell oil for US$60 or less. “Practically speaking, if I can send a ship, get insurance cover and a method of payment,” the official said.
If I can prepare, then buying oil from Russia can be continued. He said that all options are open.
The official said, “Nobody is saying don’t buy oil from Russia. Russia is not a big supplier. India receives supplies from 30 countries. We have many sources to buy oil, so we have no apprehension of any kind of hindrance.
Russia warned
At the same time, Russia has flared up regarding the price cap on Russian oil of the European Union. Russia’s Foreign Ministry has said that this proposal of Western countries to impose a price cap is against the rules of the markets and it can have a big impact on the oil supply.
