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India says Russia oil deals are advantageous

STORY: India has emerged as Russia's largest oil customer after China, as refiners snap up discounted Russian oil shunned by Western buyers over Russia's invasion of Ukraine on February 24. Russia's share of India's oil imports surged to an all-time high of 23% in September, from just about 2% before the invasion.

The statement comes a month ahead of the United States and its allies in the Group of Seven rich nations take steps to prevent Russia from profiting from oil by putting a cap on prices.

U.S. Treasury Secretary Janet Yellen is scheduled to visit India this week and has said that India stands to gain from a price cap on Russian oil and the U.S. hopes that it will take advantage of it, according to a report published by Moneycontrol, citing the Press Trust of India.