(T.T.E)
Indian Oil Corporation (IOC), the nation’s top oil firm, has bought as much as 3 million barrels of crude oil that Russia had offered at steep discount to prevailing international rates, sources said. The purchase, made through a trader, is the first since Russia’s February 24 invasion of Ukraine that brought international pressure for isolating Putin administration. Sources aware of the matter said IOC bought Urals crude for May delivery at a discount of USD 20-25 a barrel to dated Brent. As the US and other western nations slapped sanctions on Moscow, Russia has begun offering oil and other commodities at discounted prices to India and other large importers.
IOC made the purchase on modified terms that require the seller to deliver it to the Indian coast so as to avoid any complications that sanctions may lead to in arranging shipping and insurance. US President Joe Biden last week announced a ban on Russian oil and gas imports over the country’s invasion of Ukraine, targeting the main artery of Russia’s economy. “Our message to any country continues to be that abide by the sanctions that we have put in place and recommended,” White House Press Secretary Jen Psaki told reporters at her daily news conference on Tuesday. Asked about a media report on the possibility that India could take up the Russian offer of discounted crude oil, Psaki said, “I don’t believe this would be violating that (sanctions).”
