Tuesday, July 23, 2024
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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.


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