Transactions are to be carried out in rupees and rubles
© Getty Images / Yevgeny Kharitonov
The world’s third largest oil consumer, India, is considering buying Russian crude and other commodities at discounted prices using domestic currency. This comes as the US is encouraging countries to avoid trading with Russia amid the conflict in Ukraine.
“Russia is offering oil and other commodities at a heavy discount. We will be happy to take that. We have some issues like tanker insurance cover and oil blends to be resolved. Once we have that we will take the discount offer,” an Indian government official told Reuters.
Transactions will be carried out in India’s and Russia’s national currencies to evade the US dollar and related sanction policies. According to officials, work to set up a rupee-ruble trade mechanism is already underway.