India will buy Russian oil as long as it does not face sanctions
The Indian government has admitted that it will buy Russian oil without any doubts as long as the country does not fall under sanctions.
Source: Reuters
Quote: "If an entity is not under sanctions, there is no question I will buy from the cheapest supplier," said Indian Oil and Gas Minister Hardeep Singh Puri.
He added that India is not alone, as European countries and Japanese companies also buy Russian oil.
India is reportedly 88% dependent on oil imports, as the world's third-largest oil consumer and importer.
India's annual refining capacity is 252 million tonnes. "Now, projects are in place to take it up to 300 million metric tons per annum (6 million bpd). We are brainstorming whether we should take it to 400 or 450," the minister added.
Background: Russia's trade with India has doubled since 2022, and bilateral payments between the two countries are running smoothly.
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