Biggest Indian Oil Company Finalises Deal To Import Crude Oil From Russia

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Indian Oil Corporation Limited has signed a deal with a Russian oil company to import 3 million barrels of crude,

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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.

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India's legitimate energy transactions should not be politicised, and countries self-sufficient in oil or those themselves importing from Russia cannot credibly advocate restrictive trading, government sources had said yesterday.

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That drew a response from the US, which said India importing discohaunted crude oil from Russia wouldn't amount to a violation of sanctions; it would imply supporting the Russian invasion of Ukraine.

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Asked about a report on the possibility that India could take up the Russian offer of discounted crude oil, White House Press Secretary Jen Psaki had said earlier in the week, "I don't believe this would be violating that (sanctions)."

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