India is looking for opportunities to buy Russian oil at a price below $70 per barrel and is negotiating with the Russian authorities, The Economic Times reports citing sources.

As noted, so in the republic want to compensate for the risks associated with sanctions restrictions.

“Russian oil flows to India are not subject to sanctions, but tightening international restrictions in areas such as marine insurance and US pressure on New Delhi are hampering trade. Prime Minister Narendra Modi has so far resisted Western calls to limit relations with Moscow because of the possibility of getting oil at a significant discount,” the article said.

The publication’s sources note that if Russia agrees to the price demands, India’s state-owned refineries could receive about 15 million barrels a month – 10% of total imports.

Earlier, the media reported that since the start of Russia’s military operation in Ukraine, India’s state and private refineries have bought more than 40 million barrels of Russian oil, which exceeds the volume of crude supplies to that country for the whole of 2021.