Ukraine war: Is India complying with the Russian crude oil price cap?
En route to New Delhi this month, US officials proclaimed themselves satisfied that India is buying Russian oil below G-7 price caps designed to undercut Moscow’s war in Ukraine without disrupting global energy flows.
Market experts — and even some of those involved in the energy trade — say it’s not so clear.
India’s consumption of Russian crude was minimal and sporadic before President Vladimir Putin’s forces attacked Ukraine, but it has soared since, becoming a key tool for Prime Minister Narendra Modi’s bid to fight energy inflation.
