Chances of India joining price cap on Russian oil – Nil
European Union is in no position to threaten India with any of their secondary sanctions for purchasing Russian oil
The possibility of India joining the price cap on Russian oil is just zero as New Delhi relies on its own political and economic interests, as per most Indian political analysts. European Union has no strength to impose any secondary EU sanctions on India for such a decision.
India joining the European Union on price cap on oil are nil. India will rely purely on its interests, economic, political, strategic. Russia is a long standing friend, which has stood up for India against threats from CENTO friends of Pakistan over Kashmir and also during 1971 War for Liberation of Bangladesh. India has an interest in imports of cheap oil from Russia, which India will not reject. India saves huge revenues from such imports.
India as a country, just cannot be threatened by secondary sanctions from the European Union for purchasing Russian oil. The EU just does not have that strength, not even the United States for that matter.
The Europeans have become ‘an appendage’ of the Americans as of today, whereas the Americans are not going to impose any sanctions against India as they are being very polite with the Indians, being reluctant to offend them.
As much as 85% of the Indian economy is in the private sector, he said. “Indian companies will adhere purely to their business interests,” the political analyst said, adding that Reliance industries is the largest purchaser of Russian oil in India, which has serious assets in the US, though it has not stopped imports from Russia.
In case USA makes any moves against Indian companies operating in America then all their companies operating in India will face similar actions.
The world’s third-biggest importer of crude oil after China and the US, India is actively buying Russian oil. In early 2022, Russia’s share in the country’s oil import basket equaled 0.2%, but rose to over 20%, or almost 1 mln barrels per day, by the end of the year.
