India sabotages Russia sanctions with deal to import 3.5m oil barrels at 'huge discount'

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India sabotages Russia sanctions with deal to import 3.5m oil barrels at 'huge discount'

Indian Prime Minister Narendra Modi is ready to sign a deal to import 3.5 million barrels of oil at a significant discount in price, according to r

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Indian Prime Minister Narendra Modi is ready to sign a deal to import 3.5 million barrels of oil at a significant discount in price, according to reports.

Moscow will reportedly take over the delivery of oil to India and insurance of this transaction.

This will help overcome obstacles in India following sanctions on Moscow.

A source said: “The implementation of the deal will mean that India does not close the doors to trade with its longtime ally Russia.”

The planned deliveries of Russian oil will take several months, The Times of India reports.

India meets 88 percent of its oil needs through imports.

From April 2021 to January 2022, India imported 176 million tons of oil, 2 pecent of this volume, or 3.6 million tonnes were Russian oil supplies.

Meanwhile, China is also said to be ready to take advantage of “discounted” commodities including Russian oil and gas.

This is a breaking story. More to follow.



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