New Delhi: Indian Oil Corporation (IOC) is all set to import crude oil from a Russian company. The company has signed an agreement with the Indian Oil Corporation (IOC) to supply 3 million barrels of crude oil. According to NDTV news channel, the deal has been confirmed by officials of IOC, one of India's largest oil companies.

The officials have explained that the deal is not between countries, but between companies. India has opined that politics should not be mixed with the purchase of oil from Russia. In it's energy policy, India has no political differences with any country and all the trades are very transparent. The Commerce Ministry said that there is no policy difference in the matter of India buying fuel from Russia at a lower price.

India inevitably needs import in the energy sector. For this, agreements with various countries have been going on for decades. It is customary for the political atmosphere in these countries to change over time. However, such global political atmosphere does not influence India's policies, the Commerce Ministry stated. The response came in the wake of sanctions imposed on Russia by other countries.

About 85 per cent of India's crude oil requirements have to come from outside the country and around 5million barrels of oil is imported daily, most of it from the West Asian region - Iraq accounted for 23 per cent, Saudi Arabia 18 per cent and the UAE 11 per cent. India has been receiving crude oil from the US as well for the past few years. So far, India has been receiving 3 per cent of its crude oil requirement from Russia, which is decided to be doubled.