Modi Govt wants Russian oil at discount; Bid to offset risks amid sanctions

India wants Russia to discount its oil to below $70 a barrel, a Bloomberg report citing sources has claimed. The move by Modi govt comes in a bid to compensate for additional hurdles, such as securing financing for purchases. Flows…

Modi Govt wants Russian oil at discount; Bid to offset risks amid sanctions

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India wants Russia to discount its oil to below $70 a barrel, a Bloomberg report citing sources has claimed. The move by Modi govt comes in a bid to compensate for additional hurdles, such as securing financing for purchases. Flows of Russian oil to India aren’t sanctioned, but tightening international restrictions in areas such as marine insurance and pressure on New Delhi from the U.S. are making the trade more difficult. India imports more than 85% of its oil and is among the few remaining buyers of Russian crude. Currently, Global benchmark Brent is currently trading near $108 a barrel. Watch this video to know more.
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