India will continue buying Russian oil as it is advantageous for the country, Foreign Minister Subrahmanyam Jaishankar said on Tuesday after meeting his Russian counterpart.

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.

India, the world's third-largest oil importer and a traditional ally of Russia, has not explicitly condemned what Russia calls its "special military operation in Ukraine", and Tuesday marked the fifth meeting this year between Jaishankar and his Russian counterpart Sergei Lavrov.

"It is our fundamental obligation to ensure that the Indian consumer has the best possible access on most advantageous terms to international (oil and gas) markets," said Jaishankar.

"In that respect we have seen that India and Russia relationship has worked to advantage. So if it works to my advantage I would keep that going."

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.