Indian Oil Corporation Limited signs deal to import crude oil from Russia

Indian Oil Corporation Limited (IOC) has struck a deal with a Russian oil company to import 3 million barrels of crude, reported NDTV quoting sources.

It's a company-to-company deal, the sources added.

Several Western countries including the United States have imposed sanctions, on oil import embargo, on Russia. However, there are no restrictions on Indian oil companies for buying crude oil from Russian oil companies.

India's legitimate energy transactions should not be politicised, and countries self-sufficient in oil or those themselves importing from Russia cannot credibly advocate restrictive trading, government sources had said on Thursday.

The United States said India importing crude oil from Russia wouldn't amount to a violation of sanctions but it would imply supporting the Russian invasion of Ukraine.

White House Press Secretary Jen Psaki had said earlier in the week, "I don't believe this would be violating that (sanctions)."

"But also think about where you want to stand when history books are written at this moment in time. Support for the Russian leadership is support for an invasion that obviously is having a devastating impact," Psaki had added.

According to the report in NDTV, the crude oil import deal with the Russian oil company is on the best terms and conditions currently available to India in the international market. The sources added that there are no restrictions on Indian oil firms in buying crude from Russian companies.

After western nations slapped sanctions on Moscow, Russia has begun offering oil and other commodities at discounted prices to India and other large importers.