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India's oil trade continues amid Russia sanctions
ଖବରରେ କାହିଁକି?
India's oil trade continues amid Russia sanctions
India continues large-scale Russian oil purchases even as G7 nations, the EU and Australia enforce a price cap on Russian seaborne crude that India has not joined.
Why it matters: GS-2 core
What you need to know
2 ମିନିଟ
Reports of record Russian fuel imports into India have drawn renewed attention to the sanctions architecture built around Russian oil exports since the war in Ukraine.
The Group of Seven (G7) nations, along with the European Union and Australia, established a price cap mechanism on seaborne Russian crude to limit Moscow's oil revenue while keeping global supply flowing.
India has not joined the price-cap coalition and continues to buy Russian crude on commercially negotiated terms.
ଉତ୍ସ: Topper IAS editorial (PIB / The Hindu / Indian Express)
ମୁଖ୍ୟ ତଥ୍ୟ
Remember these
- Russia sanctions
- G7 price cap
- Russian oil
- India oil imports
ପ୍ରିଲିମ୍ସ · ମେନ୍ସ
How the exam will ask it
ପ୍ରିଲିମ୍ସ
- Russia sanctions, G7 price cap, Russian oil, India oil imports
ମେନ୍ସ
Use as an example in GS-2 answers (GS Paper 2 / Paper 3 - International Relations / Indian Economy).
Quick recall
Answer before you reveal
With reference to sanctions on Russian oil exports, consider the following statements:
- The price cap mechanism on seaborne Russian crude oil was established by the G7 nations along with the European Union and Australia.
- India is a formal signatory to this price-cap coalition and applies the cap on all its crude oil imports from Russia.
Which of the statements given above is/are correct?
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
ଉତ୍ତର ଦେଖନ୍ତୁ
ଉତ୍ତର: A — The G7, EU and Australia set up the price cap on Russian seaborne crude, but India has not joined the coalition and continues to buy Russian oil on its own commercial terms.
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