[New Delhi, 14th Archyde.com]-India may accept Russia’s proposal to sell crude oil and other commodities at a bargain price. Two senior government officials have revealed.
Western nations are trying to isolate the country through economic sanctions on Russia, which has invaded Ukraine. High-ranking U.S. government officials have recently said they want India to stay as far away from Russia as possible, acknowledging its heavy military reliance on Russia’s weapons. However, the Indian side’s intention to maintain relations with Russia, which is an important trading partner, can be seen from these high-ranking officials. In fact, India abstained in a resolution condemning Russia at a UN emergency special meeting earlier this month.
India imports 80% of the crude oil it needs domestically, but the normal import ratio from Russia is only regarding 2-3%. Even so, crude oil prices have jumped by 40% this year, so if import costs can be suppressed, we are considering expanding imports from Russia.
“Russia has offered to sell crude oil and other commodities at very low prices, and we will be happy to respond,” said one senior government official. According to the official, it will take some preparations such as securing transportation and insurance, but if it is done, it will receive Russia’s proposal.
