Indian companies are still buying Russian oil using dollars

NEW DELHI: Indian companies are still buying Russian oil using dollars after Dubai’s Mashreq Bank declined to handle payments from at least two refiners in Emirati Dirhams as requested by the supplier, according to three sources familiar with the matter. Russia has been hit by sanctions from the United States and allies following its invasion […]

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India Cools Off On Demand For Russian Crude Oil

India’s monthly Russian oil buying has fallen since hitting a record high in June. New Delhi: Indian refiners are set to skip purchases of Russia ESPO crude oil this month due to higher freight rates, turning to Africa and the Middle East instead, industry sources said. India, which rarely used to buy Russian oil, has […]

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Know How Much India Has Gained, How Oil Basket Changed

Since the start of the Russia-Ukraine war at the end of February, the share of Russian crude in India’s oil basket has increased significantly as the country offered huge discounts amid its boycott by developed countries. Recently, Russia had also overtaken Saudi Arabia to be the second-biggest supplier of crude oil in India before the […]

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