India could buy discount oil from Russia: reports
March 14, 2022
International desk: India is considering taking up a Russian offer to buy its crude oil and other commodities at discounted prices, Reuters reports two Indian officials as saying.
Russia is facing heavy Western sanctions over its invasion of Ukraine, including several banks being banned from the Swift international payments system.
India, which imports 80% of its oil, usually buys about 2% to 3% of its supplies from Russia but with oil prices on the rise Reuters says the Indian government is looking to reduce its energy costs.
One official tells the news agency they were happy to take the discounted goods and says India is not concerned about getting entangled in sanctions.
They add that work is ongoing to set up a rupee-rouble trade mechanism.
