MUMBAI: Amid western pressure, India is trying to get deeper discounts on Russian oil, Bloomberg reported, quoting people familiar with the matter.
According to the report, India is seeking Russian cargoes at less than $70 a barrel, said the sources, who wished to stay anonymous.
The sources also added that high-level talks are currently going on between the two countries, and no finalization has been made yet.
India, the third-biggest oil importer in the world has bought more than 40 million barrels of Russian crude since the invasion of Ukraine, the sources revealed.
India is one of the few remaining buyers of Russian crude, post the nation’s Ukrainian invasion.
Several western countries had already cut trade ties with Russia, which had made the Putin administration to forecast an output drop of 17 percent in 2022.
Apart from oil, India is also heavily dependent on Russia for arms imports.