New Delhi will not violate the sanctions regime established last week by Washington, the Business Standard newspaper notes.

India can import 15 million barrels of Russian oil this year at a reduced cost. This was reported on Thursday by the Business Standard newspaper.

According to the newspaper, the delivery can be carried out on the terms of the CIF (cost, insurance and freight) model, according to which the seller pays for the delivery of goods to the port, insurance, loading and freight of the vessel.

At the same time, the publication recalled that New Delhi “will not violate the sanctions regime” established last week by Washington regarding energy carriers from Russia. U.S. President Joe Biden by his decree on March 9 banned the import of oil from the Russian Federation as sanctions in connection with the special military operation of the Russian Federation in Ukraine.

Earlier, Indian Oil and Natural Gas Minister Hardeep Singh Puri said that India would study Moscow’s proposal to sell crude oil at reduced tariffs through mutual settlements in rubles and rupees in the context of the ongoing crisis in Ukraine.

India meets its oil needs by 88% through imports. From April 2021 to January 2022, the South Asian republic imported 176 million tons of oil, 2% of this volume (3.6 million tons) was supplied by Russian oil.