Russian oil prices to India register a surprise

The prices of Russian oil to India recorded a record low during last June, which is the lowest since the outbreak of the Russian-Ukrainian war in late February of last year (2022).

The Indian Ministry of trade and industry revealed that the average cost of a barrel of Russian oil exported to India during June amounted to 68.17 dollars, down from 70.17 dollars in May and 100.48 a year ago.

Although the prices of Russian oil to India are the lowest since the invasion of Ukraine began a year and a half ago, it exceeds the Western price ceiling on Moscow, with the aim of drying up the sources of financing the war.

The West imposed a price cap on Russian oil prices at the end of last year 2022, at 60 dollars per barrel, followed by a price cap for higher-priced Russian crude derivatives, such as diesel and gasoline, at 100 dollars per barrel, and the lowest at 45 dollars.

India, which imports 88% of its crude oil needs from abroad, became the largest buyer of Russian oil last year (2022), and the volume of its imports doubled by 22 times.