Russian Oil
India has no plans to buy Russian oil in rupees: Report
New Delhi: India does not plan to buy oil from Russia or any other country with Indian rupees, Minister of State Ministry of Petroleum and Natural Gas Rameswar Teli told parliament on Monday, amid scores of sanctions imposed by Western nations on Russia over its invasion of Ukraine, media reports said.
Moscow is making efforts to trade in other currencies after sweeping sanctions marred its international trade using US dollars. It has been considering to switch to other currencies, including the possible use of the yuan and rupee in deals with China and India.
"At present, oil public sector undertakings neither have any contract nor is any such proposal under consideration from Russia or any other country for purchase of crude oil in Indian rupees," junior oil minister Rameswar Teli said, Reuters reported.
Indian companies are buying Russian oil rapidly via spot tenders to take advantage of of deep discounts while other buyers stop dealing with Russia after its invasion of Ukraine.
While India has not openly condemned Russia, it has not stopped import of crude oil fro Russia, the report said, adding that state-run refiners rarely bought Russian oil in the past due to high freight costs.
India is the world's third biggest oil importer and consumer.
It is trying to find ways to pay for Russian imports in rupees but a formal mechanism has not yet been formulated, government and banking sources said, according to the report.
Last week, an Indian government source said New Delhi welcomes competing offers for oil sales including from Moscow, especially as global prices have jumped, stated the report.
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