India feels no pressure from other countries for buying Russia energy products

sxcoal.com Policy,  International 2022-08-15 10:11:09

India said it didn't feel pressure from Western countries or anywhere else over its energy purchases from Russia, according to a report by Indian media Economic Times on the weekend.


India has overtaken China as the largest buyer of Russian oil in July while the country bought little from Russia ahead of the Ukraine conflict.


Also in July, Russia became India's third largest coal supplier as discounts drove shipments to a record, according to the report.


"Our decisions on what we do regarding purchase of oil or other things related to that will be guided by our energy security requirements, our perspective will be guided by energy security," India's foreign ministry spokesperson Arindam Bagchi was quoted by the newspaper as saying.


U.S. Treasury Secretary Janet Yellen last month described as "encouraging" talks with India about a proposed price cap on Russian oil. Washington hopes the move will hit Russia's economy harder.


Russia warned it will not supply oil to countries imposing a price cap. Bagchi said he was not aware of any specific proposal on price caps, adding he "certainly would not be able to agree on the idea that there is pressure on such issues".


Companies in India are using more Asian currencies to pay for Russian coal imports to reduce use of the dollar. This is to dilute the risk of being caught breaching Western sanctions against Moscow.


In June, Indian buyers paid for at least 742,000 tonnes of Russian coal using currencies other than the US dollar, Reuters reported, citing a summary of deals compiled by a trade source based in India using customs documents, equal to 44% of the 1.7 million of tonnes of Russian imports that month.


India expected purchases of energy products from Russia to surge in the next two weeks. India's central bank allowed importers to pay in the partially convertible rupee.


(Writing by Alex Guo  Editing by Harry Huo)
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