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Fortymn metric tonnes are stable [pipeline] supplies. Another portion is redirection of seaborne deliveries carried by us via such ports as Novorossiysk, Kozmino, Primorsk - this amounts to 26mn metric tonnes. I believe these volumes will grow in the future," the official added.
India will not breach Western sanctions on Russia, including the price cap of $60 imposed on purchases of oil from Moscow, Bloomberg reported on March 12 citing people familiar with the matter. Indian officials later denied they would stick to the oil price cap.
India had a detailed discussion with the US and other G7 nations on the sidelines of the G20 nations meeting recently and they seem satisfied with its dealings, one of the people said. India and China have emerged as the top buyers of Russian oil since its operation in Ukraine began more than a year ago. A little over a year ago, it bought almost no Russian oil; today, the South Asian market has become crucial for Moscow, which in turn has displaced other suppliers.
India began to buy Russian oil for UAE dirhams and rubles after the entry into force of sanctions against Moscow, this situation began to undermine the long-term dominance of the dollar in international oil trade, reports Reuters, citing sources.
Agency sources said some Dubai-based traders, as well as Gazprom and Rosneft , are seeking non-dollar payments for certain niche grades of Russian oil that have been selling for over $60 a barrel in recent weeks. Such shipments, as noted, represent a small fraction of Russia's total sales to India and are likely not to violate sanctions. However, making payments in dirhams may become more difficult after new UK and US sanctions, as Abu Dhabi-based Russian bank MTS was added to it in February, Reuters writes.
“Russian suppliers will find some other banks to accept payments,” one source told Reuters.
According to the International Energy Agency, cited by the agency, in 2022, India increased its imports of Russian oil by 16 times, which accounts for about a third of all deliveries to the country. The country has set the stage for settling trade with Moscow in Indian rupees in the event of new sanctions if ruble transactions are no longer possible, the sources added.
On November 13, 2022, the Indian Express edition reported that the Indian authorities intend to double the volume of trade with the Russian Federation, using rupees in the calculations. The volume of trade between the two countries grew largely on the back of a sharp increase in India's imports of Russian oil. India used to import from Russia less than 1% of its total crude oil, and now it is about 22% of its needs. In October, Russia became the largest supplier of oil to India, overtaking Iraq and Saudi Arabia, the newspaper wrote.
157 RUSSIA Country Report Russia April 2023 www.intellinews.com