Indian external affairs minister S Jaishankar welcomes Sergei Lavrov for the SCO Foreign Ministers' meeting, in Goa, India
Russia-India crude trade poses challenges
Western banking sanctions and the crude price cap cause headaches for New Delhi and Moscow
Record inflows of Russian crude into India have created a host of problems for both governments and their respective oil industries. “Russia has accumulated billions of rupees in Indian banks that it cannot use,” Russian foreign minister Sergei Lavrov said in Goa on the sidelines of the Foreign Ministers Council meeting of the Shanghai Cooperation Organisation in early May. “This is a problem. We need to use this money. But for this, these rupees must be transferred in another currency, and this is being discussed now.” For seven months from October 2022 to April 2023, Russia was the largest source of India’s crude imports. However, payment issues, the price cap and viability of Russia as a
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
