Indian Firms Face Payment Delays for Russian Oil Priced Above $60: Energy Secy

Union Energy Secretary Pankaj Jain revealed on Monday that Indian companies "some times" experience delays in receiving payment for Russian oil that is priced above the $60 per barrel, the threshold set by the Western nations.

"Nobody stops us from buying Russian oil at above the price cap level provided. We are not using Western service," he informed journalists on the sidelines of an event.

Jain explained that the majority of Russian oil deliveries to India are made at prices below the price cap level, and when Russian oil is priced above the cap, the companies independently manage to find alternate channels to settle payments.

India wants to purchase oil from other nations at a discount depending on grades, he added.

Since the start of the conflict in Ukraine, India's oil imports from Russia have surged dramatically.