Price Cap on Russian Oil Won’t Impact India, Oil Minister Says
- India has a diverse set of suppliers, Puri tells BQ Prime
- Top oil exporters willing to sell to India’s growing market
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India isn’t worried by a European Union price cap on Russian crude, oil minister Hardeep Puri said, signaling that the South Asian economy intends to continue purchasing from Russia for now.
While EU sanctions on Russian exports of oil take effect Monday -- hitting shipments above $60 a barrel -- Russia’s flagship crude oil has traded well below that level, making the cap less of a worry for either the supplier or its buyers. When asked in a local news interview what the implications of the price cap on India would be, Puri, a former diplomat, said: “Nil.”