Indonesian President Joko Widodo is considering buying Russian oil along with India and China to offset the growing pressure of rising energy prices.

Earlier this month, Widodo raised subsidized fuel prices by 30 percent and said raising prices was his "last option" because of financial pressures, prompting protests across the country.

Any move to buy Russian oil at prices above the limit agreed upon by the G7 countries could expose Indonesia to U.S. sanctions.

In August, Minister of Tourism Sandiaga Uno announced that Indonesia had been offered Russian oil at a 30% discount. The country's state oil company, Pertamina, then said it was reviewing the risks of buying Russian oil.

Indonesia, reported an annual inflation rate of 4.69% in August, above the central bank's target range of 2-4% for the third straight month due to high food prices.