https://sputniknews.in/20231002/india-and-russia-discuss-rupee-based-oil-payments-ministry--4555896.html
India and Russia Discuss Rupee-Based Oil Payments: Ministry
India and Russia Discuss Rupee-Based Oil Payments: Ministry
Sputnik India
Russian Foreign Minister Sergey Lavrov previously said that a majority of trade between India and Russia has been taking place in national currencies following... 02.10.2023, Sputnik India
2023-10-02T17:42+0530
2023-10-02T17:42+0530
2023-10-02T17:42+0530
indo-russian relations
india
russia
russian oil
rupee-rouble trade
dedollarisation
trade corridor
trade in national currencies
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Indian officials have reported that negotiations in rupee-based payments for Russian oil are ongoing, according to Pankaj Jain, a representative of India's Ministry of Petroleum and Natural Gas during discussions at the ADIPEC-2023 international oil and gas conference.Jain added that Delhi currently uses various currencies for payments when importing Russian oil.Russian exports to India doubled in April-August, promising new possibilities of further economic cooperation. As India explores the possibility of paying for Russian oil in rupees, the outcome of these negotiations could not only impact the nation's energy security but also signal a significant shift in the global oil trade landscape.
https://sputniknews.in/20231002/india-increases-russian-oil-imports-from-reduces-saudi-4555401.html
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India and Russia Discuss Rupee-Based Oil Payments: Ministry
Russian Foreign Minister Sergey Lavrov previously said that a majority of trade between India and Russia has been taking place in national currencies following the global trend of de-dollarization.
Indian officials have reported that negotiations in rupee-based payments for Russian oil are ongoing, according to Pankaj Jain, a representative of India's Ministry of Petroleum and Natural Gas during discussions at the ADIPEC-2023 international
oil and gas conference.
Jain added that Delhi currently uses various currencies for payments when importing Russian oil.
This [rupee-based payments] is still under discussion; negotiations are not yet concluded. Currently, the Indian currency is not being used.
Pankaj Jain
India's Ministry of Petroleum and Natural Gas representative
Russian exports to India doubled in April-August, promising new possibilities of further economic cooperation. As India explores the possibility of paying for Russian oil in rupees, the outcome of these negotiations could not only impact the nation's energy security but also signal a significant shift in the global oil trade landscape.
