New Delhi: Indian Oil (IOCL) on Wednesday completed the purchase of a large consignment of crude oil. This includes crude oil (Russian Ural) taken from Russia at a 'discount'. Along with this, the company has also purchased West African Oil in large quantities. Reuters has quoted sources as saying that India's largest petroleum company Indian Oil has bought 3 million barrels of crude oil and 2 million barrels of West African oil from Russia for May.
The company has bought this crude oil of Russia from a trader named 'Vitol' at a big 'discount'. Let us tell you that this is the second time that Indian Oil has bought Russian Ural Crude Oil after the start of the Russo-Ukraine war. Earlier this month also, the company had bought Russian crude oil in the same quantity from Vitol. Its delivery is due in May. Let us tell you that Russia attacked Ukraine on 24 February. Since then Russia has faced many economic sanctions.
Due to this, Russia is having problems doing business internationally, because it is not able to trade properly in dollars. At the same time, these sanctions have also had an effect on Russia's banks and financial system. Therefore, Russia has started trading with many countries in their local currency, as well as providing crude oil at a 'discount'.
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