India’s state-owned Indian Oil Corporation (IOC) says it will continue importing Russian crude oil as long as purchases comply with international sanctions.
“We are absolutely not going to discontinue buying Russian crude as long as we are complying with the sanctions,” IOC finance director Anuj Jain said during an analysts’ call, according to Mint. He explained that while certain Russian entities and shipping lines face restrictions, the oil itself is not sanctioned, and the company sources only from approved suppliers under the price cap mechanism.
Russia now supplies about a third of India’s oil, with imports averaging 1.8 million barrels per day.
The statement comes after new U.S. sanctions targeted major Russian producers Rosneft and Lukoil, and President Donald Trump imposed a 25% tariff on Indian goods over its continued energy trade with Moscow. New Zealand has also imposed new sanctions on the Russian oil trade today.
Despite growing US pressure, New Delhi insists its import policy prioritizes affordable energy for consumers and national economic stability.
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https://www.rt.com/news/627221-trump-orban-hungary-sanctions/
This could have quite serious implications especially in light of what as being perceived as sabotage of oil facilities installations in Hungary Romania and Serbia