The cap will allow non-EU countries to continue importing Russian oil, but will prohibit companies from handling cargoes of it around the globe, unless it is sold for less than $60.
European Union ban on Russian crude imports from 5 Dec will drive European refiners to buy more Middle East oil, putting them in competition with Asian buyers.
The external affairs minister also said US knows India's position on Russian oil imports and has 'moved on', adding that the country has been 'open and honest about its interests.'
India’s ongoing trade with Russia, especially imports of crude oil, has been a sore spot with US for months. US Consulate General wrote to Mumbai Port Authority a fortnight ago.
As the EU slapped 6th round of sanctions on Russia, almost 860,000 barrels a day of crude were loaded onto tankers at Russian terminals last week, before heading to destinations in Asia.
Windfall gains of Rs 84,400 crore-86,000 crore from higher crude prices could help the government bridge a shortfall that may occur in meeting its fiscal deficit target for 2022-23.
Japan, South Korea, Thailand and India will get the oil volumes they had sought, with some even getting extra supplies, according to refinery officials.
State processors are collectively working on finalizing and securing new six-month supply contracts for Russian crude to India, eager to take more of the heavily-discounted stocks.
In my view as the finance secretary during UPA II govt, the least RBI could have done was not to further depress the sentiment with doomsday prophecies.
About 300 employees had called in sick Wednesday, allegedly in protest against mismanagement of airlines. Remaining staff given ultimatum to rejoin work by end of Thursday.
Chiman Singh, injured in 1971 India-Pakistan war, was discharged as non-pensioner in 1972. In his petition, he states denial of pension is contrary to settled law.
Even in the weeks leading up to Chamkila’s assassination there were massacres every other day. To airbrush all of this is sheer intellectual cowardice if not a crime.
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