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India: Indian Oil Corporation buys Russian crude at deep discount

NEW DELHI, 17 March 2022, (TON): Sources said that Indian Oil Corporation the nation’s top oil firm, has bought as much as 3 million barrels of crude oil that Russia had offered at steep discount to prevailing international rates.

Sources aware of the matter said “IOC bought Urals crude for May delivery at a discount of USD 20-25 a barrel to dated Brent.”

As the US and other western nations slapped sanctions on Moscow, Russia has begun offering oil and other commodities at discounted prices to India and other large importers.

IOC made the purchase on modified terms that require the seller to deliver it to the Indian coast so as to avoid any complications that sanctions may lead to in arranging shipping and insurance.

They said “Unlike the sanctions the US imposed on Iran over its controversial nuclear programme, oil and energy trade with Russia has not been banned. This means international payment systems are available to settle any purchase made from Russia.”

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