Russia gives India 5pc oil discount amid US tariffs

NDTV :

Russia will continue to supply oil to India, now at a 5 percent discount, despite the pressure and sanctions on the latter from the US.

Deputy trade representative of Russia to India, Evgeniy Griva said that, “There will be a 5 per cent discount, subject to negotiation, on Russian crude oil purchases to India”.

Griva added that, “Despite the political situation, approximately the same level of oil will be imported by India.” He said, “As for discounts, it’s a commercial secret.

I think, because it’s usually just dialogue between businessmen and approximately usually 5pc It’s fluctuating, but usually it’s plus-minus 5pc.”

He was joined by Russian Deputy Chief of Mission Roman Babushkin, who said that although it is a “challenging situation” for New Delhi, “we have trust in our ties”.

He also said, “We are confident that India-Russia energy cooperation will continue notwithstanding the external pressure.”

Meanwhile the US has accused India of funding the war in Ukraine by purchasing Russian oil and has imposed 50 per cent tariffs on New Delhi for buying oil from Russia.