Indian authorities will not violate sanctions imposed on Russia, including the Russian oil price cap set at $60 per barrel, Bloomberg reports, citing sources.
According to the agency, the Indian government has asked banks and traders to abide by the restrictions. A Bloomberg source said that India had discussed the restrictions with the US and other G7 countries on the sidelines of the G20 summit hosted by New Delhi in early March.
The Indian authorities have not officially announced that they back the sanctions and price caps imposed by G7 against Moscow.
It earlier emerged that Russia had made the top 5 biggest trade partners of India according to the Indian trade ministry.
RBC analysts note that it refers to the increased import of Russian oil. In particular, Russia has been the biggest oil exporter to India for three months in a row. In comparison with November 2022, the oil exports went up by 24%.
The Russian oil price cap ($60 per barrel) was imposed by the EU, G7, and Australia on 5 December 2022. In two months, similar sanctions by the EU came into force on Russia’s petroleum products ($100 per barrel of high quality products and $40 per barrel for lower quality ones) on 5 February 2023.
According to the International Energy Agency, Russia’s oil and gas export revenues dropped by 38% on a year-on-year basis.