India has sought to buy crude Oil from Russia at lower prices as international crude oil prices have risen. In the first phase, an agreement to import 35 lakh barrels of crude Oil will be finalized between the two countries soon. It is also said that the price of crude oil supplied by Russia will be dollars 20 to dollars 25 per barrel lower than the market price.
It has been reported that Indian Oil has taken steps to purchase 30 lakh barrels of crude Oil in the first phase, despite strong opposition from the United States and European countries.
The United States has said it will not restrict sanctions on India from buying crude Oil from Russia. However, the United States has said that the purchase of crude Oil from Russia could misrepresent India.