"If They Don't Offer Discount...": India As Russian Oil Imports Drop

India's December Russian oil imports fell to an 11-month low.

India's oil imports from Russia fell due to unattractive pricing and not because of payment problems, Oil Minister Hardeep Singh Puri said on Wednesday.

"There is no payment problem ... It is a pure function of the price at which our refineries will buy," Mr Puri told a press conference.

India's December Russian oil imports fell to an 11-month low as five ships loaded with light sweet Sokol grade headed to other locations after the US imposed sanctions on some vessels and shippers for not complying with the G7-fixed $60 per barrel price caps for oil at Russian ports.