No payment problem with Russia on oil imports: Oil Minister Hardeep Singh Puri

New Delhi, January 03, 2023.

Oil Minister Hardeep Singh Puri on Wednesday said there are no payment problems in buying oil from Russia and the recent decline in purchase is a function of discounts they offer.

He said Russian oil made up for just 0.2 per cent of all the oil that India imported in February 2022, before the start of the Russia-Ukraine war.

Post the Ukraine war, some Western nations shunned Russian oil, leading to Moscow offering discounts. This led to Indian refiners lapping up the discounted oil. The discounts made Russia India’s top oil supplier with a 40 per cent share. The share fell when the discounts were lower.