India is buying cheap oil from Russia amid Ukraine crisis, now plans to trade in rupees – न्यूज़लीड India

India is buying cheap oil from Russia amid Ukraine crisis, now plans to trade in rupees


International

oi-Artesh Kumar

,

Updated: Friday, June 17, 2022, 18:05 [IST]

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Moscow/New Delhi, June 17 : After Russia’s invasion of Ukraine, the US and several European countries imposed trade sanctions on Russia. As a result, Russian oil prices fell sharply in the international market. After this India started buying oil from Russia at cheaper rates. Now India plans to do business with Russia in rupees. Let us tell you that America and European countries have pressured India not to buy oil from Russia.

modi putin

India made an offer to Russia
Many countries have imposed economic sanctions on Russia over the attack on Ukraine, but India is planning to further expand trade with Russia. India has proposed to Russia to trade in rupees. A person aware of this matter told that India has talked about buying oil and weapons from Russia in rupees. India plans to use about $2 billion of deposits in Russian state-controlled VTB Bank PJSC and Sberbank PJSC.

modi putin

India-Russia trade
The person gave this information on the condition of anonymity. According to the report, the person told that this plan can be finalized soon. According to the information, senior Russian officials are coming to India this week. It is expected that during this time the plan can be given a green signal.

Ruble volatility due to sanctions
Earlier both the countries (Russia-India) started trading under Rupee-Ruble, which did not prove to be effective due to excessive volatility in Russian currency Ruble. According to the report, the amount deposited in Russia’s bank accounts could increase to five billion dollars by the end of the year. This provided depends on how much product India is buying.

modi putin

…and oil became cheaper
Because of the Ukraine war, the US, Europe, Australia and Japan imposed economic sanctions on Russia, which made Russian oil cheaper. To take advantage of this cheap oil, the Modi government has removed the ban on import of oil. In this direction, the Modi government wants to finalize a mechanism.

India, Russia trade deficit
Russia’s cheap oil can help India. India’s trade deficit with Russia stood at $6.61 billion in the fiscal year ended March 2022. The total trade between the two countries is $13.1 billion. India is emphasizing on exports of products like pharmaceuticals, plastics and chemicals to give continuity in trade. Let us tell you that India is the largest buyer of Russian weapons in the world. For this reason America and Australia are continuously pressurizing India not to buy oil from Russia.

India’s foreign policy tops even in adverse times
Keeping its foreign policy strong, India has managed to maintain itself in any adverse situation. A living example of this is the trade between India and Russia. Recently, India has joined an organization like Quad along with Australia, Japan and America, showing its best diplomacy. Let us tell you that India and China are the biggest buyers of oil from Russia.

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english summary

India is proposing to settle trade with Russia in rupees, according to a person with knowledge of the matter, as the South Asian nation presses ahead with purchases of oil and weapons from the sanctions-hit country.

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