Russia has vowed to stop selling its oil to anyone who wants to impose price caps.
In order to meet its energy demands, India would continue to purchase crude oil from anywhere in the globe, including Russia, a top official declared before EU sanctions against Russian oil took effect.
The European Union's executive body has requested that its 27 member nations set a price restriction on Russian oil at USD 60 as part of an effort by the West to reduce Moscow's oil profits and restrict its ability to conduct war in Ukraine while maintaining stable global oil prices and supply.
"There are no restrictions on buying oil from Russia, unlike Iran and Venezuela. Therefore, anyone outside of the EU who can arrange for shipment, insurance, and finance can purchase oil "added the official.
The pricing limitations are a component of the EU's strategy to exert pressure on Moscow through the insurance and shipping sectors.
He declared, "We will keep buying oil from anyplace in the world, including Russia.
Companies exporting Russian oil outside of Europe would only be permitted to use EU insurance and brokerage services under the price-cap system starting on December 5 if they sell the oil for USD 60 or less.
In other words, if I can send a ship, pay for insurance, and come up with a method of payment, I may continue to buy oil from Russia, the official explained. "Everything is on the table." India, the third-largest crude importer in the world after China and the United States, has been snatching up Russian oil that was on sale after some in the West avoided it as retaliation for Moscow's invasion of Ukraine.
Prior to the start of the Russia-Ukraine conflict, Russia held a market share of just 0.2% of India's imports. In October, that share increased to 4.24 million tonnes, or nearly 1 million barrels per day, giving Russia a share of 21%, higher than Saudi Arabia's 15% and comparable to that of Iraq.
Nobody is advising against purchasing Russian oil, he claimed. "Russia is not the primary provider; it is merely one of the suppliers. 30 countries provide goods to India. We shouldn't expect any disruption because we are able to obtain oil from any nation." Russian oil cargoes have been reserved for delivery after December 5 by Indian refineries.
Russia has vowed to stop selling its oil to anyone who wants to impose price caps.
Russia and its customers must use ships, insurance, and financing beyond the G-7's purview in order to maintain oil sales.
The US is okay with Russia selling its oil outside the cap, but it would probably be more expensive to use non-Western banking, insurance, and shipping services.
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