163 According to oil minister Hardeep Puri, India is unfazed about a European Union price ceiling on Russian petroleum, which indicates that the South Asian economy will continue to buy from Russia. While EU sanctions on Russian oil exports began Monday by hitting shipments above $60 per barrel, Russia’s flagship crude oil has traded considerably below that level, making the cap less of a concern for the supply or its consumers. When asked in a local news interview what the implications of the price cap on India would be, Puri, a former diplomat, said: “Nil.” “I’m under no pressure and it is unlikely that I can be put under any pressure,” the minister declared. Russia had previously threatened to halt output if the restriction was enforced. Still, its foreign minister, Sergei Lavrov, stated last week that the measure was meaningless, indicating that the country was perhaps relaxing its stance. The $60 limit is meant to keep Russian oil flowing but also limit earnings used to fund Russia’s war in Ukraine. You Might Be Interested In How Mobile Banking is Reshaping Financial Landscape in Rural Africa Warren Buffett is amassing a reserve of cash, biding his time for an opportunity, leaving investors curious about his next investment destination Genuine Parts Company Appoints James F. Howe as President of Motion Invest 30% of Africa’s Sovereign Reserves Locally Alibaba CEO Eddie Wu warns of being ‘displaced’ if the Chinese tech giant doesn’t keep up in AI Lululemon Surpasses Forecasts, China Sales Boom
