India to buy Russian crude oil to serve its large population, says Finance Minister Nirmala Sitharaman

April 17, 2023: Finance Minister Nirmala Sitharaman has said that India could buy Russian crude oil near or past the price cap imposed by the G-7 if the recent output cut announced by OPEC (Plus) group increases the energy costs. Ms Sitharaman said, we will have to constantly re-figure where we get the best deal as it is a critical input for the economy. She said, the nation will look at affordable prices to serve its large population.

The Finance Minister said this during a wide-ranging interview with a private media organization on the sidelines of the International Monetary Fund Spring meetings in Washington. Ms Sitharaman said, the Indian Government is making enough efforts to make sure the economy remains buoyant. She said, external factors, including the OPEC(Plus) output cut and the spillover of all the decisions related to the Russia-Ukraine conflict, are the things that are more worrisome than anything internal.