The $60 price cap on Russian oil may not hit Indian purchases: Report

Amid a demand by western countries to cap Russian oil purchases below $60, there was some anxiety in India on how to ensure continuous oil flow to meet its requirements. However, according to a report in The Economic Times, most Indian refiners may be able to get most of their Russian oil purchases well below the G7 price cap.

Indian industry executives told the publication that this may be possible as global oil prices have fallen below that threshold, allowing India some breathing space. Several government officials and industry executives said Indian refiners will continue to get cheap Russian oil without any expected shipping or insurance trouble.