India may bail out Russia by taking up an offer to buy crude oil and other commodities at a discount despite Western attempts to isolate Moscow through sanctions (pictured, Russian President Vladimir Putin and Indian Prime Minister Narendra Modi meeting in December 2021)
Reuters: India's top refiner IOC buys 3 million bbls Russian Urals crude via tender -sources
NEW DELHI (Reuters) - Indian Oil Corp, the country's top refiner, bought 3 million barrels of Russian Urals from trader Vitol for May delivery, trade sources said, its first purchase of the grade since Russia invaded Ukraine on Feb. 24.
Western sanctions against Russia have led many companies and countries to shun its oil, depressing Russian crude to record discount levels. IOC said in late February it would buy Russian oil on delivered basis to avoid any complication relating to fixing vessels and insurance.
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WNU Editor: They will find a way around this problem (if not already) .... Cheap Russian Oil Makes India Scout for Payment Workarounds (Bloomberg).
India Continues To Buy Russian Oil Despite Sanctions
As West shuns Moscow, officials say India eyes more cheap Russian oil -- Reuters
India hands Russia lifeline: Modi and Putin poised for huge deal to avert West's sanctions -- Express
World’s third biggest oil consumer snubs calls to avoid Russian crude – media -- RT
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