NEW DELHI - Indian companies continue to import Russian oil, volumes may have fallen, although transactions with Russia have not stopped, a source in the Indian oil industry told TASS news agency.
"Oil companies are still buying Russian oil. Volumes may have fallen, although [purchases] have not stopped," he said."All companies support the commercially viable deal, we continue to buy Russian oil or any other that is cheaper," the source noted. In the spot market, it is common for purchase volumes from different suppliers to vary from month to month, driven by price fluctuations, supply conditions, oil quality, seasonal demand and logistics, he explained.
"However, the Indian government has made it clear that there is no interruption in the supply of Russian crude oil. Russian oil is not under sanctions," the source stressed. The US administration has imposed additional duties of 25 % on India in connection with the purchase of Russian crude oil. In addition to the earlier US decision to impose 25% duty on Indian goods, the rate for the South Asian republic will now increase to 50 %. US President Donald Trump had earlier said that India has always imported most of its military equipment from Russia and is the largest buyer of Russian energy resources along with China.
India's foreign ministry has criticised the US and EU attacks on Russian oil imports as unjustified, as Western countries had previously supported such trade and continued to buy goods and services from Russia themselves. The ministry said it was extremely unfortunate that the US had decided to impose more tariffs on India for steps that several other countries were also taking in their own national interest, adding that these steps were unjust, unwarranted and unreasonable and that India would take all steps to protect its national interests.
TASS/gnews.cz-jav
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