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Push for More Sanctions on Russian Oil Could Irk India – ET

The proposed legislation would impose penalties on countries that increase their imports of Russian oil, provoking tensions with India and China, The Economic Times said.

Sanctions on Russia are slowly eating away at the dollar's dominance by encouraging Asian traders such as India to use other currencies, like the UAE dirham or the rouble.
A Rosneft refinery is seen at Vankorskoye oil field in Russia, north of Krasnoyarsk. India has been a big buyer of Russian crude over the past year. Reuters image from 2015.


US senators have called for secondary sanctions “on foreign firms that facilitate the trade of Russian oil and on countries that increase their purchases of the commodity” to ensure a price cap on Russian oil works, a move that could set up a clash with the Biden Administration, which has previously rejected the idea, The Economic Times reported.

If passed, the proposed bill would impose penalties on states that increase imports of Russian oil, but that “could provoke a major fight with countries such as India and China, which have ramped up their purchases of Russian oil and have reacted coolly to the idea of a price cap”, the report said.

Read the full report: The Economic Times.


Read more:

Global Oil Prices Fall Amid China’s Covid Lockdowns

India Likely Selling Refined Russian Oil to West, Study Says

China Was Top Buyer of Russian Oil in July, Data Shows



Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.


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