India to Continue Russian Oil Purchases, Says Former Foreign Secretary Kanwal Sibal
Market
C
CNBC TV18•03-02-2026, 14:46
India to Continue Russian Oil Purchases, Says Former Foreign Secretary Kanwal Sibal
- •Former foreign secretary Kanwal Sibal states India is unlikely to fully halt Russian oil purchases, despite a decline in imports.
- •Russian oil's share in India's crude basket has fallen from 45% to about 20% in January.
- •Future purchases will depend on pricing and the status of international sanctions.
- •India may continue buying oil from companies not under sanctions if prices are favorable.
- •Sibal also noted India's firm stance on agriculture in trade negotiations, making only minor concessions.
Why It Matters: India will likely continue some Russian oil imports, driven by pricing and sanctions, despite reduced volumes.
✦
More like this
Loading more articles...
