'A whole lot of factors' will decide on Russian oil import to India: Finance minister - Times of India

‘A whole lot of factors’ will decide on Russian oil import to India: Finance minister – Times of India

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BENGALURU: Union finance minister Nirmala Sitharaman on Wednesday at a media interaction in the city said that a “whole lot of factors” will decide on import of Russian oil to India.
While not suggesting that the country is averse to importing Russian oil, amid the Western countries economic sanctions and crude oil import bans due to the ongoing conflict between Ukraine and Russia, Sitharaman said over the last two to three days Russia has been making an open offer to supply its surplus oil at a discounted price.
“There was an open offer over the last two-three days that Russia was giving it (crude oil) at some sort of discounted price but we don’t know how it can be of effect because a whole lot of factors will have to be weighed-in and we will have to get it from some port to ship it and then whether it can come to India, and whether it is workable…” she said.
Sitharaman stressed the requirement of insurance for consignments if India does strike a deal with Russia to import oil to offset the rising price of crude due to the conflict.
“Because these are consignments which should have adequate insurance cover. Do they get the insurance or not? The nitty-gritties, if at all it can be worked out, need to be worked out. However, the minister concerned is fairly seized of the matter andI have been in touch with him,” said Sitharaman.
Meanwhile, the full blown war between Russia and Ukraine has also created a crisis scenario over import of sunflower oil, which is predominantly imported by India in large quantities from Ukraine.
“The government has already started looking from other places where, if not sunflower oil, any other oil which can come into India and is used in India,” she said, adding that it may prove to be a challenge that needs to be addressed due to the war.



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