Muristek
New Delhi, March 28
India is not considering buying oil from Russia or any other country using Indian rupees, the junior oil minister told Parliament on Monday, after Western nations imposed sanctions on Russia over its invasion of Ukraine.
With Western sanctions hitting Russia's dollar-based trading, there is focus on Moscow's efforts 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.
Indian companies are snapping up Russian oil through spot tenders taking advantage of deep discounts while other buyers shun purchases over Moscow for its invasion of Ukraine. India, which has refrained from outright condemnation of Moscow, has not banned the importation of Russian oil.
Refiners in India rarely bought Russian oil in the past due to high freight. Oil Minister Hardeep Singh Puri this month, however, said India was in talks with Russian authorities to buy oil and was evaluating issues related to insurance, freight and payment. — Reuters
Crude slips to $113 per barrel
London: Oil tumbled more than $6 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai's lockdown efforts to curb a surge in Covid infections. Brent crude futures slid as low as $113.72 a barrel. Reuters