India is on the way to further deepen its energy cooperation with Russia. This comes after a sanctions-embroiled Moscow was left cornered for invading Ukraine.
There have been reports that the Indian Oil Corporation (IOC), the Hindustan Petroleum Corporation Ltd (HPCL) bought Russian crude oil.
Even if India opts to buy Russian oil at discount it would be to secure its energy needs.
Since the oil and gas market have been witnessing volatility in the backdrop of Russia-Ukraine conflict.
Moreover, the energy cooperation with Russia will require some necessary adjustments in the financial front owing to the American sanctions.
The IOC, HPCL bought Russian Urals crude via European energy trader Vitol.
Although, the recent Western sanctions have forced many countries to avoid Russian oil and gas.
But this has created a void that India, one of the major oil importers is utilising to secure its energy needs.
Notably, the Indian refiners are floating tenders in order to buy the discounted oil from Russia. Unfortunately, those companies that are deeply engaged with the U.S. economy may not be able to purchase Russian crude.
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