India will explore buying Russian crude oil near or past the price cap imposed by the G-7 as it navigates external risks it sees as the biggest economic threat.
“Yes, because otherwise I’ll end up paying far more than what I can afford,” finance minister Nirmala Sitharaman said in an interview Saturday in Washington, when asked if India would continue importing Russian oil beyond the $60-a-barrel price cap. “We have a large population and we also therefore have to look at prices which are going to be affordable for us.”
The stance underscores the pressing need in the country of 1.4 billion people to curb inflation and spur growth amid a surprise output cut by OPEC+ and western sanctions to rein in Russia’s oil revenue following the invasion of Ukraine.
