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India purchases Russian oil due to economic interest, says expert

Narendra Taneja also stressed that the price cap on Russian oil was imposed by G7 nations, whereas India is not a member of G7

© Yegor Aleyev/TASS

NEW DELHI, January 11. /TASS/. Indian refiners purchase Russian oil due to their own economic interest, India’s foremost energy expert Narendra Taneja told TASS on Wednesday, adding that politics should not be brought into those deals.

"Indian refiners buy crude oil from Russia because it is good economics. It is all about economics and nothing else. Do not bring politics into it," he said.

"If Russian oil is available at attractive prices, why should not an Indian or for that matter any refiner buy it?" he pointed out.

The expert also stressed that the price cap on Russian oil was imposed by G7 nations, whereas India is not a member of G7. Consequently, the Western countries’ initiative "is not relevant to Indian refiners," he said.

The world’s third-biggest importer of crude oil after China and the US, India is actively buying Russian oil. In early 2022 Russia’s share in the country’s oil import basket equaled 0.2%, rising to over 20%, or almost 1 mln barrels per day, by the end of the year.

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