Two sources from the Indian government stated that the country will continue to buy oil from Russia despite U.S President Donald Trump’s warnings to impose more penalties, Reuters reported.
The sources confirmed that there is no change in the country’s plans for oil purchases, attributing this to the long-term contracts it has signed. They also noted that India receives the oil at lower prices than those determined by the European Union (EU). They also elaborated that this helps keep oil prices without increases.
In July, Trump declared that more penalties, besides a 25% tariff, would be applied on India’s exports to the U.S due its oil purchases from Russia.
Additionally, they mentioned that they are searching for available and affordable sources of energy to meet their requirements.
