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India Tells Oil Companies to Load Up on Discounted Russian Crude
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wsj.comThe Indian government has asked state oil companies to scoop up huge volumes of cheap crude from Russia, according to industry executives, strengthening commercial ties with the country even as the West tightens sanctions on Moscow.
Western countries have sought to hamper Russia’s ability to use its vast oil and gas exports to fund the war in Ukraine. The emergence of India as a major buyer of Russian oil has the potential to take the sting out of the sanctions. Other nations, including China and Turkey, have also stepped up their purchases of Russian oil, though the country’s exports remain below prewar levels.
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