NEW DELHI: Indian oil companies have increased crude oil imports from Russia despite Western sanctions against Russia following the invasion of Ukraine. However, instead of buying oil through public tenders, the Indian companies are dealing directly with private companies in anticipation of lower prices.

Considering the additional cost of $ 10 per barrel, the Russian crude oil can be delivered to India without any loss only if it is available at a discount of at least $15. With the United States, Britain and the European Union reducing their purchases of Russian crude oil, India is likely to receive crude oil at cheaper prices.