Official data revealed that Russia remained the biggest supplier of crude oil to India in terms of value in February, even though there was a cap on western prices at $60 per barrel. In February, India imported crude oil worth $3.35 billion from Russia, with Saudi Arabia coming second at $2.30 billion and Iraq at $2.03 billion.
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According to Roy, companies could face sanctions from international banks, shareholders, or directors. The sanctions system is intricate and extensive, so Indian companies should seek legal guidance on how sanctions could affect them and what steps they should take.
Tata Steel to set up pilot plant for methanol
Finance Minister Nirmala Sitharaman recently stated that India could continue purchasing Russian oil even if the price exceeded the cap.
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