NEW DELHI, Dec 16 (Reuters) – India, A quantity one purchaser of Russian oil, Does not anticipate its gasoline exports to be disrupted by A eu Union ban on The acquisition of Russian refined gasolines starting Feb. 5, oil secretary Pankaj Jain said on Friday.
Indian refiners have been gorging on Russian oil purchased at A discount as some Western entities shun purchases from Moscow following its invasion of Ukraine in late February.
Some Indian refiners course of Russian oil and ship the refined merchandise to the west, collectively with Europe.
Jain said the Feb 5 movement bars the EU from importing refined gasolines from Russia And by no means from One other nation.
The eu Union will ban Russian oil product imports, on which it relies upon closely for its diesel, by Feb. 5.
“(The) subsequent set off level is Feb. 5. Till one factor dramatic occurs geopolitically .. We’re in A delicate state,” Jain said.
So far Indian corporations Aren’t dealing with any factors in procuring Russian oil, Jain added.
The EU, G7 nations and Australia launched $60 per barrel worth caps on Russian oil, efficient from Dec. 5, on prime of the EU’s embargo on imports of Russian crude by sea.
The EU ban on imports of Russia’s seaborne oil has pushed Moscow To hunt various markets, primarily in Asia, for about 1 million barrels per day.
Indian corporations are buying for Russian oil at under worth cap diploma, sources informed Reuters earlier this week.
Jain said Indian corporations Aren’t dealing with any factors in paying for Russian oil As a Outcome of the latest movements by the West Do not influence commerce settlement mechanisms.
Reporting by Nidhi Verma in New Delhi; Modifying by Invoice Berkrot
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