The development comes after US President Joe Biden, last week, assured his Indian counterpart Prime Minister Narendra Modi that the USA will help India to diversify its energy portfolio.
According to the report, the Indian oil companies have now opted to indulge in private deals with Russian oil refiners instead of public tenders in order to avail of crude oil at a better price. The purchases made by Indian oil companies include Russia’s flagship the Urals and a cargo of ESPO from the East. Some state-run oil refiners have also purchased Russia’s Far East major crude oil Sokol.
Since the beginning of the Russia-Ukraine war, India has witnessed mounting pressure from the West as well as European Union, to curb Russian exports. Apart from oil, India is a key buyer of defense equipment from Russia.
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