A bird's eye view of the Russian oil imports.

 A bird's eye view of the Russian oil imports.

Recently, India's covert oil imports from Russia at a lower price seem to end. This is due to the increased regulations from the G7 countries. The impact of the $60 barrel price cap breach witll affect India at the micro and macro levels. The United States Office for Fixed Assets Control has reported a price breach. It has warned transporters to retain records and attestation of invoices to avoid penalties. The banks are now concerned about the certification of invoices due to stringent actions from the West powers. In addition, the West has cautioned monitoring Ural grades which are used for oil delivery. Though China and India enjoyed the spillover effect, China is lesser dependent on Russia for oil. Also, China trades in yuan for payment for Russian oil because of its high exports. On the other hand, India has lesser exports and has to pay in dollars or dirhams instead of rupees. Hence, we have to redefine our strategies to import oil at a lesser price without hurting the sentiments of the West.

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