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.
Following an oil supply crunch and historic inflation, the easing of penalties may allow California-based energy corporation Chevron to negotiate resuming operations in Venezuela.
The EU plans to ban Russian oil over the next six months and refined fuels by the end of the year, to increase pressure on Vladimir Putin over his invasion of Ukraine.
Even as India, Pakistan have seemed on the edge of war, their intelligence services have often sought to find space to de-escalate tensions and reduce risks for the two countries.
Speaking at 2nd Investor Connect, CM Vishnu Deo Sai says 'we have been able to attract a lot of investors.' The focus of the event was the steel sector.
Not only did S-400 record its longest hit during India-Pakistan 88-hour conflict, ability of the system to shoot and scoot in a short time, which allows it to evade enemy fire, was also proved.
It is a brilliant, reasonably priced, and mostly homemade aircraft with a stellar safety record; only two crashes in 24 years since its first flight. But its crash is a moment of introspection.
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