India has once again reiterated that it is not ready to accept advice from any third country regarding the purchase of crude from Russia. External Affairs Minister S Jaishankar said this on Monday when he was sharing the dais with German Foreign Minister Annalena Berbock. In a way, showing the mirror to the European countries, Jaishankar said that India's business with Russia is very less as compared to the European countries. The amount of fuel European countries bought from Russia between February and November is more than ten countries buying fuel from Russia after that.
Jaishankar reiterated in front of the German Foreign Minister-
Jaishankar said these things in a press conference after holding bilateral talks with German Foreign Minister Berbock. He said that there is no change in India's policy on buying oil from Russia. Whoever India needs to buy crude, will buy it. India is continuously talking about this with the European Union as well and they are understanding this. He hoped that the European media would also understand this. This statement of the Indian Foreign Minister is important because, since Monday, the maximum limit ($ 60 per barrel) of crude produced from Russia has been fixed by the US and its allied seven countries (G-Seven). Germany is a member of this group.
G7 impact on the international crude market
However, the impact of G-Seven's decision is visible in the international crude market. Crude prices have again crossed $88 per barrel after several weeks of weakness. Sources have told that India has not yet officially decided its stand on setting a limit on the price of Russian crude from western countries. There are continuous talks between oil companies of Russia and India regarding crude deals and Indian companies are making deals according to the market. It is also believed that talks are on between the two countries on how to purchase crude within the price limit.
Purchase of 17 percent crude oil from Russia
Explain that India imports 85 percent of its crude oil requirement. Till February 2022, India used to buy only one percent of its oil requirement from Russia, but today Russia has become the second largest supplier of oil to India. In October 2022, 17 percent of India's total crude purchases came from Russia. Russia is giving crude to India at a cheaper price than other countries. On the other hand, America and European countries want India not to buy crude oil from Russia. This may increase the financial burden on Russia. Jaishankar has said in the past that it is the responsibility of his government to procure cheap crude from wherever it is available so that fuel can be made available to the people of our country at affordable rates.
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