Russia says exports oil to India at market prices

MOSCOW/BENGALURU, India, Feb 13 (PRIME) -- Russia continues to sell oil to India at market prices, Deputy Foreign Minister Andrei Rudenko told PRIME on Monday.

"We will keep exporting as much oil to India as it needs to ensure energy security. The Russian energy companies ensure fulfillment of the orders as fast as possible," Rudenko said.

"India has not joined the price ceiling introduced by the West on Russian oil. This is why the fuel contract price for the Indian companies is formed by market methods, as it should be in a civilized economic society."

Media reported in January that India bought Russian oil for U.S. $53–56 and could stop purchases if the price exceeded $60 or the E.U. introduced secondary sanctions.

Director of the Federal Service for Military-Technical Cooperation Dmitry Shugayev said that Russia sold over $13 billion worth of arms to India in the last five years, and the current order portfolio amounted to over $10 billion. India has remained Russia's key military-technical partner in spite of the Western pressure, he added.

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