The Indian government will closely examine the price cap on Russian crude oil being considered by the United States and Europe.

When asked to comment on reports that state-run oil marketing companies (OMCs) may reduce or even discontinue sourcing crude oil from Russia, Oil Minister Hardeep Singh Puri stated, “It’s completely incorrect.”

In the face of high international prices and Western nations reducing their reliance on Russian energy, India has purchased discounted crude oil from Russia. Puri stated that crude sourcing will remain a “commercial decision” for OMCs.

Given that it has secured oil cargos at steep discounts, India has yet to take an official stance on joining a US-led global initiative to cap Russian crude oil prices.