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.
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.