Russia has for the first time emerged as top oil supplier to India, replacing Iraq as refiners last month snapped up oil from Moscow, fearing a price cap from December 5 could hit supplies and choke payment avenues, data obtained from trade sources shows. 

India’s oil imports from Russia rose for the fifth straight month, totalling 9,08,000 barrels per day (bpd) in November, up by 4 per cent from October, the data shows. 

The Group of Seven nations, Australia and the 27 European Union countries have imposed a price cap of $60 a barrel on Russian seaborne oil from December 5 as the West tries to limit Moscow’s ability to finance its war in Ukraine. 

The price cap plan calls for G7 countries to deny insurance, finance, brokering, navigation and other services to oil cargoes priced above the price cap on crude and oil products. 

Russian oil accounted for about 23 per cent of India’s overall import of about 4 million bpd oil in November, the data shows. 

India’s overall imports in November declined by 11 per cent from October on lower purchases by Russia-backed Indian refiner Nayara Energy, which had shut its 4,00,000 bpd refinery for maintenance during the month, the data shows.