India says no pressure on it over energy purchases from Russia

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India says no pressure on it over energy purchases from Russia

India said on Friday that there was no pressure on it from Western countries or anywhere else over its energy purchases from Russia as Indian firms step up imports of oil and coal from the country that has been largely unaffected by some governments for its invasion of Ukraine.

India, the world's third biggest crude importer, overtook China in July to become the biggest buyer of Russian oil based on sea-borne volumes, having bought very little from the country before the start of the war in Ukraine in February.

Russia became India's third largest coal supplier in July, up from the sixth position in the past, as discounts drove shipments to a record.

The United States has tried to lure India away from its main arms supplier Russia, but New Delhi says its own needs as an emerging country are paramount. India has not condemned the invasion.

The decision on what we do regarding oil purchase will be guided by our energy security requirements, and our perspective will be guided by energy security, India's foreign ministry spokesperson Arindam Bagchi told a news conference.

U.S. Treasury Secretary Janet Yellen described as encouraging talks with India about a proposed price cap on Russian oil that Washington hopes will make it harder for Moscow to fund the war.

Bagchi said he was not aware of any specific proposal on price caps, but I certainly wouldn't agree on the idea that there is pressure on such issues. Russia has said it will not supply oil to countries with a price cap.

The country is considering buying the currencies of friendly countries such as China, India, and Turkey to hold in its National Wealth Fund, according to its central bank on Friday.

India has already said that trade with Russia is expected to surge in the next two months, after India's central bank allowed importers and exporters to pay in the partially convertible rupee.