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The Times of India

Business

Bloomberg

Russian oil: Trade headaches for India as crude prices hit $60

Oil Russia India Moscow New Delhi

NEW DELHI: A top buyer of Russian oil is bracing for trading trouble as the price of Urals, the country’s main export grade, breaks through a $60-a-barrel cap set by Western nations to curb Moscow’s revenue.

India and China have been the two dominant buyers of Russian crude since the invasion of Ukraine more than a year ago prompted others to shun the OPEC+ producer. As Urals climbs above the limit set by the Group of Seven, however, importers will face greater scrutiny on their purchases.

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