InvestorQ : Is India currently facing pressure from the western countries on the subject of procuring crude oil from Russia?
Dawn Cherian made post

Is India currently facing pressure from the western countries on the subject of procuring crude oil from Russia?

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Mitali Bhutta answered.
2 months ago
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India has already clarified that it is under no sort of pressure from Western countries over its energy purchases from Russia. On the other hand, Indian companies are planning to step up imports of oil and coal from Russia. Most of the nations have imposed sanctions on Russia over their attacks on Ukraine. India has overtaken China to become the second largest oil importer from Russia. It is not just oil, even in coal, Russia is now India’s third largest supplier after Australia and Indonesia.

India’s foreign ministry has clarified that regarding oil purchases India will be guided by the energy security considerations. India had earlier refused to oppose Russia in the UN General Assembly and also in the UN Security Council. Any discussion on price caps is also ruled out. Russia is even open to taking up local currency trades with friendly nations like China, India and Turkey. India has made quick progress on rupee payments.

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