Nation’s interest first; why shouldn’t we buy cheap oil from Russia: Nirmala Sitharaman | Latest News India

Finance minister Nirmala Sitharaman mentioned the choice that India will proceed shopping for discounted oil from Russia has been taken protecting India’s general interest in thoughts.

Finance minister Nirmala Sitharaman mentioned India will proceed shopping for cheap Russian oil because the nation’s interest comes first. “I would put my energy security first. If the fuel is available at a discount, why shouldn’t I buy it?” Sitharaman mentioned on the 2022 version of the CNBC-TV18 India Business Leader Awards in Mumbai.

“We have started buying (oil from Russia). We have received quite a number of barrels. I would think about 3-4 days of supply, and this will continue. India’s overall interest is what is kept in mind,” Sitharaman mentioned commenting on the contentious problem of shopping for oil from Russia amid the continuing battle.

What the finance minister mentioned reaffirms New Delhi’s position on persevering with commerce with its long-standing associate, regardless of the western sanctions on Moscow for its aggression in Ukraine.

External affairs minister S Jaishankar already defended New Delhi’s position and mentioned whereas lower than 1% of India’s crude purchases are from Russia, the most important patrons of Russian oil and fuel are from Europe. “When the oil prices go up, I think it is natural for the countries to go out into the market and look for what are good deals for their people,” Jaishankar mentioned.

According to reviews, Russia is keen to promote high-grade oil for as much as $35 per barrel to India and desires India to buy 15 million barrels within the first deal.

Russian international minister Sergey Lavrov on Friday met Jaishankar and Prime Minister Narendra Modi and mentioned Russia is keen to supply something India needs to buy. To bypass the western sanctions, Moscow is shifting in the direction of conducting commerce in nationwide currencies with India and different nations open to commerce with Russia, he mentioned.

(With company inputs)


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