• ABOUT US
  • CONTACT
  • TEAM
  • TERMS & CONDITIONS
  • GUEST POSTS
Sunday, October 26, 2025
  • Login
Economy India
No Result
View All Result
  • Home
  • Economy
  • Business
  • Companies
  • Finance
  • People
  • More
    • Insurance
    • Interview
    • Featured
    • Health
    • Technology
    • Entrepreneurship
    • Opinion
    • CSR
    • Stories
  • Home
  • Economy
  • Business
  • Companies
  • Finance
  • People
  • More
    • Insurance
    • Interview
    • Featured
    • Health
    • Technology
    • Entrepreneurship
    • Opinion
    • CSR
    • Stories
No Result
View All Result
Economy India
No Result
View All Result
Home Economy

India considers buying discounted Russian oil, commodities, officials say

by Economy India
March 14, 2022
Reading Time: 2 mins read
FEATURED IMAGE ECONOMY INDIA 1 1
SHARESHARESHARESHARE

NEW DELHI: India is considering taking up a Russian offer to buy its crude oil and other commodities at discounted prices with payment via a rupee-rouble transaction, two Indian officials said, amid tough Western sanctions on Russia over its invasion of Ukraine.

India, which imports 80% of its oil needs, usually buys about 2% to 3% of its supplies from Russia. But with oil prices up 40% so far this year, the government is looking at increasing this if it can help reduce its rising energy bill.

ADVERTISEMENT

“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,” one of the Indian government officials said.

Some international traders have been avoiding Russian oil to avoid becoming entangled in sanctions, but the Indian official said sanctions did not prevent India importing the fuel.

Work was ongoing to set up a rupee-rouble trade mechanism to be used to pay for oil and other goods, the official said.

The officials, who both declined to be identified, did not say how much oil was on offer or what the discount was.

The finance ministry did not immediately reply to an email seeking comments.

Russia has urged what it describes as friendly nations to maintain trade and investment ties. India has longstanding defence ties with Russia and abstained from a vote at the United Nations condemning the invasion, although New Delhi has called for an end to the violence.

Russia’s Surgutneftegaz allowed Chinese buyers to receive oil without providing letters of credit (LC) payment guarantees in order to bypass sanctions, sources told Reuters.

The Indian government, which could see its import bill rise by $50 billion in the fiscal year starting in April, is also looking for cheaper raw materials from Russia and Belarus for fertiliser, as the cost of its subsidy programme has rocketed.

The government, which has already doubled its subsidy bill for the fiscal year to the end of March 31, allocated a further 149 billion Indian rupees ($1.94 billion) on Monday.

The government expects the fertiliser subsidy bill to rise by at least 200 billion to 300 billion rupees in the next financial year, from the current estimate of 1.05 trillion rupees, the two officials said.

“If we can get cheaper fertiliser from Russia then we will take that. It would help in easing some fiscal concerns,” one official said. (Reuters)

CSR Leadership Summit
ADVERTISEMENT
India CSR Awards
ADVERTISEMENT
ESG Professional Network
ADVERTISEMENT
Tags: Economy IndiaIndian EconomyOil PriceRussian Oil
Economy India

Economy India

Economy India is one of the largest media on the Indian economy. It provides updates on economy, business and corporates and allied affairs of the Indian economy. It features news, views, interviews, articles on various subject matters related to the economy and business world.

Related Posts

Pakistan’s Total Public Debt Crosses $286 Billion in FY2024-25, Rising 13% Year-on-Year
Economy

Pakistan’s Total Public Debt Crosses $286 Billion in FY2024-25, Rising 13% Year-on-Year

October 25, 2025
Trump’s 100% Tariff on China Triggers $1.5 Trillion Market Meltdown
Economy

Trump’s 100% Tariff on China Triggers $1.5 Trillion Market Meltdown

October 13, 2025
India’s Trade Deficit Expected to Reach ₹2.5 Lakh Crore in September 2025
Economy

India’s Trade Deficit Expected to Reach ₹2.5 Lakh Crore in September 2025

October 13, 2025
India Extends Export Duty and Tax Refund Scheme (RoDTEP) Until March 2026: A Comprehensive Analysis
Economy

India Extends Export Duty and Tax Refund Scheme (RoDTEP) Until March 2026: A Comprehensive Analysis

September 30, 2025
Trump Slaps 100% Tariff on Branded Drugs from October 1; India, Key Exporter, Faces Uncertainty
Economy

Trump Slaps 100% Tariff on Branded Drugs from October 1; India, Key Exporter, Faces Uncertainty

September 26, 2025
GST 2.0: FMCG Firms Expect Full Price Alignment Within Two Months
Economy

GST 2.0: FMCG Firms Expect Full Price Alignment Within Two Months

September 24, 2025
Next Post
FEATURED IMAGE ECONOMY INDIA 1 1

WoodenStreet Invests $500,000, launched Experience Stores in Andheri West & Vashi, Mumbai

16th CSR Leadership Summit 2025
ADVERTISEMENT
India CSR Awards
ADVERTISEMENT

LATEST NEWS

UP CM Yogi Adityanath Meets PM Modi in New Delhi, Discusses State’s Development Agenda

Odisha Approves ₹1.46 Lakh Crore Investment Across 33 Projects, Including Adani’s Coal-to-Chemical Venture

Pakistan’s Total Public Debt Crosses $286 Billion in FY2024-25, Rising 13% Year-on-Year

Gold Prices Plunge ₹1,836 in a Day, Silver Falls ₹4,417: 7-Day Decline Wipes Out ₹9,356 from Gold’s Value

LIC Faces Political Storm Over ₹33,000 Crore Investment in Adani Group After US Media Report

HUDCO Signs ₹5,000 Crore MoU with JNPA to Boost Port Infrastructure Development

Aditya Birla Sun Life AMC Posts ₹241 Crore Net Profit in Q2; Margins Remain Stable

Ola CEO Bhavish Aggarwal Booked for Abetment of Suicide: Engineer’s Death Sparks Major Controversy

  • ABOUT US
  • CONTACT
  • TEAM
  • TERMS & CONDITIONS
  • GUEST POSTS

Copyright © 2024 - Economy India | All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Business
  • Companies
  • Finance
  • People
  • More
    • Insurance
    • Interview
    • Featured
    • Health
    • Technology
    • Entrepreneurship
    • Opinion
    • CSR
    • Stories

Copyright © 2024 - Economy India | All Rights Reserved