Russia ‘looting’ India amid Hormuz crisis? Experts say Moscow disregarded ‘friendship’, making recoveries due to…, US sanctions waiver has…
News 24
Amid the crisis triggered by Iran war, Russia has stopped discounts on its crude and is exacting premium price from old allies like India.
Iran’s blockade of the Strait of Hormuz, one of the world’s most important energy chokepoints, has triggered a sharp increase in crude oil prices, sparking a global energy crisis which prompted India to resume oil exports from Russia to meet its energy needs after a 30-day US sanctions waiver.
However, unlike earlier, Russia is not offering discounts on its crude and is charging premium price to all countries, including old allies like India.
Experts say Moscow is taking advantage of disruption of energy supply from Gulf states due to the ongoing conflict, and is making significant “recoveries” as it was previously forced to sell its oil at cheap prices due to Western sanctions.
Iran’s envoy hints India may soon receive safe passage through the Strait of Hormuz amid rising tensions in the Persian Gulf.
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