Wednesday, April 24, 2024
English English French Spanish Italian Korean Japanese Russian Hindi Chinese (Simplified)

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.

Subscribe

* indicates required

The Enterprise is an online business news portal that offers extensive reportage of corporate, economic, financial, market, and technology news from around the world. Visit to explore daily national, international & business news, track market movements, and read succinct coverage of significant events. The Enterprise is also your reach vehicle to connect with, and read about senior business executives.

Address: 150th Ct NE, Redmond, WA 98052-4166

©2024 The Enterprise – All Right Reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept