Indian external affairs minister S Jaishankar welcomes Sergei Lavrov for the SCO Foreign Ministers' meeting, in Goa, India
Russia-India crude trade poses challenges
Western banking sanctions and the crude price cap cause headaches for New Delhi and Moscow
Record inflows of Russian crude into India have created a host of problems for both governments and their respective oil industries. “Russia has accumulated billions of rupees in Indian banks that it cannot use,” Russian foreign minister Sergei Lavrov said in Goa on the sidelines of the Foreign Ministers Council meeting of the Shanghai Cooperation Organisation in early May. “This is a problem. We need to use this money. But for this, these rupees must be transferred in another currency, and this is being discussed now.” For seven months from October 2022 to April 2023, Russia was the largest source of India’s crude imports. However, payment issues, the price cap and viability of Russia as a
Also in this section
30 November 2023
The region’s rapidly evolving infrastructure has a lot to be commended for, but some of the capacity may not be ready in time for the 2024 heating season
30 November 2023
Burgeoning middle class and long-term growth from a low base at odds with energy transition efforts
28 November 2023
Countries such as Pakistan will require fossil fuels for a long time to come, requiring a reframing of the narrative around the energy transition
28 November 2023
Rising LNG demand and supply risks are outpacing shipping logistics amid Panama and newbuild challenges
