INSUBCONTINENT EXCLUSIVE:
Biggest Indian oil company finalises deal to import 3-million barrels crude oil from RussiaThe Indian Oil Corporation Limited (IOCL) has
available to India in the international market.While Western countries have imposed sanctions, including the US' oil import embargo, on
Russia in response to Moscow's attack on Ukraine, there are no restrictions on Indian oil companies for buying crude oil from Russian oil
companies.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.More Indian oil companies are likely to finalise contracts with Russian oil companies to import
multi-year highs of near $140 a barrel at one point since Russia's invasion of Ukraine.India is heavily dependent on importing crude oil for
over 80 per cent of its energy needs and will continue to source it from wherever it can access on the best terms and conditions.The deal
Rajya Sabha on Monday, in response to a question, had said, "in the last few weeks, military action is on...the government will explore all
options available."There are reports and contacts with Russian authorities...I had a conversation at the appropriate Russian Federation
Discussions are currently underway, said Mr Puri."How much of oil is available with Russia or with new suppliers...whenever these
arrangements are worked out between our oil companies and Russia...we will let you know...It is a dynamic evolving situation characterized
by military warfare," he had added.
