Russia sells oil to India in national currency

According to Fars International Economic Group, Reuters quoted two informed Indian officials as saying that India is considering Russia’s offer to buy crude oil and other basic goods of this country at a discount and by paying in rupee-rubles.

The proposal comes as the West imposes heavy sanctions on Russia over its military operation in Ukraine.

India supplies 80 percent of its oil needs from abroad, and usually 2 to 3 percent of its oil needs come from Russia, but given the 40 percent increase in oil prices this year, the Indian government is looking to reduce that price so that it can Help reduce rising energy costs.

“Russia offers oil and other basic goods at heavy discounts,” said an Indian government official. We will be happy to accept it. Issues such as tanker, insurance coverage and oil mixing need to be addressed. “As soon as these issues are resolved, we will receive this discount offer.”

Some international traders have avoided buying Russian oil to avoid clashes with sanctions, but Indian officials say sanctions have not prevented India from buying the fuel.

The Indian official added that work is underway to establish a rupee-ruble trading mechanism to pay for the purchase of oil and other goods.

The two Indian officials, who did not want to be named, did not say how much oil or discount was offered.

Russia has called on friendly countries to maintain trade (investment) relations. India has a long-standing defense (military) relationship with Russia.

Sorghut CompanyنِفتGas, a Russian oil and gas company, has allowed its Chinese buyers to circumvent sanctions without guaranteeing payment of documentary credit.ال C), receive oil.

end of Message/