India may hold bargaining power in crude imports from Russia amidst oil export ban

New Delhi, Dec 30 (KNN) It is likely that India’s imports of Russian crude will boost following Russia’s decision to ban oil exports to potential Western buyers supporting a price cap, reported ET.

Russia may want India and China to absorb its surplus crude oil volumes due to this move.

It is possible that China may not have the demand for incremental Russian supplies as it struggles with Covid infections.

An anonyms Industry executives told ET that “This would leave India with an opportunity to import more from Russia. It would also give India a greater bargaining power with prices, said the executive.”

The US and its allies have barred their shippers, financiers, and insurers from backing any trade in Russian oil at prices exceeding USD 60 per barrel.

This has prompted Russia to ban the sale of its oil from February 1 to "foreign companies and individuals if the contracts on these sales include the use of this mechanism, directly or indirectly".

The ban "applies to all stages of sales up to and including the final buyer," the Russian government said in a statement.  (KNN Bureau)