Indian refiners and traders are concerned they may not be able to continue to settle trades in dollar if the price of Russian crude rises above a cap imposed by G7 and Australia.
US Treasury said the Group of Seven officials agreed to review price cap on Russian oil exports next month, later than originally planned in order to give time to assess the market.
Arctic crude exports to India have steadily increased since May, with a record 6.67 million barrels loaded in November and 4.1 million barrels in December, shows data.
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India has paid Russia nearly $20 billion for oil in just seven months, more than what it paid in the last ten years combined. It has only reaped higher profits of a few Indian companies.
Pakistan Finance Minister Ishaq Dar had earlier said that Islamabad wanted to have the crude oil deal with Moscow on terms similar to those agreed for New Delhi.
The US and its G7 nations aim to prevent Russia from profiting from oil after its invasion of Ukraine while ensuring that most of its oil continues to flow to global markets.
When asked how India would respond if pressured by the EU or US to halt Russian oil purchases, Puri said Modi govt feels no such pressure but also has back up plans ready.
The last time this matter flared up was when Delhi Chief Minister Rekha Gupta, in a very similar directive in April, called for the relocation of stray dogs in the capital.
Finance ministry says the proposed revamp will focus on structural reforms, rate rationalisation & ease of living, & will be deliberated upon in the coming weeks.
The project is meant to be a ‘protective shield that will keep expanding’, the PM said. It is on the lines of the ‘Golden Dome’ announced by Trump, it is learnt.
Now that both IAF and PAF have made formal claims of having shot down the other’s aircraft in the 87-hour war in May, we can ask a larger question: do such numbers really matter?
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