IPA Newspack
  • Home
  • now
  • politics
  • business
  • markets

IPA /

Business

Business

India eying more cheap Russian Oil

India may take up a Russian offer to buy crude oil and other commodities at a discount, two Indian officials said, in a sign that Delhi wants to keep its key trading partner on board despite Western attempts to isolate Moscow through sanctions.

U.S. officials have said in recent weeks they would like India to distance itself from Russia as much as possible, while recognising its heavy reliance on Moscow for everything from arms and ammunitions to missiles and fighter jets.

India has not condemned the invasion of Ukraine and abstained from voting at the United Nations calling out Russia’s aggression. Russia calls its actions in Ukraine a “special operation” to demilitarise and “denazify” the country.

One person within India’s security apparatus said the West understood India’s position, given that it needs to keep its armed forces well supplied amid simmering territorial disputes with China.

India, which imports 80% of its oil needs, usually buys only about 2-3% 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.

“Russia is offering oil and other commodities at a heavy discount. We will be happy to take that,” one of the Indian government officials said.

The official added that such trade required preparatory work including transportation, insurance cover and getting the right blend of crude, but once that was done India would take Russia up on its offer.

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

The finance ministry did not reply to an email seeking comment.

Reuters has reported that Indian officials are trying to set up a rupee-rouble mechanism with Russia to continue bilateral trade.

Russia has urged what it describes as friendly nations to maintain trade and investment ties.

Apart from oil, India is also looking for cheaper fertiliser from Russia and its ally Belarus, according to one of the officials.

Indian officials said they could not suddenly replace Russia with other suppliers, particularly in the defence sector.

India’s dependence on Russia for its military hardware still runs as high as 60%, despite a significant reduction over the last decade.

U.S. officials have declined to say if India would be sanctioned should Russia send S-400 missile systems as part of a $5.5 billion deal signed in 2018 for five of them.

Initial supplies of the system started late last year despite a U.S. law aimed at deterring countries from buying Russian military hardware.

Ely Ratner, U.S. Assistant Secretary of Defense for Indo-Pacific Security Affairs, told a U.S. Congress hearing last week that India was diversifying its defence suppliers.

“We recognise that India has a complicated history and relationship with Russia. The majority of the weapons that they buy are from the Russians,” he said.

With inputs from News18

Happening Now

India slams OIC criticism of Yasin Malik conviction

May 28, 2022
Politics

Regional parties report Rs 250cr electoral bond donations

May 28, 2022
Happening Now

Pak PM says fuel price hike averted bankruptcy

May 28, 2022
Business

No wheat-like export restriction for rice immediately

May 28, 2022
IPA Special

Places Of Religious Worship (Special Provisions) Act Is Still Legally Binding

May 27, 2022
IPA Special

Remembering Jawaharlal Nehru On His 58th Death Anniversary

May 27, 2022
IPA Special

Labour Market Recovery Is Again Under Threat

May 27, 2022
IPA Special

Is Arunachal And Ladakh The Dog’s Life For IAS & IPS?

May 27, 2022
IPA Special

Geetanjali Shree’s ‘Tomb Of Sand’ Wins International Booker Prize

May 27, 2022
IPA Special

Chief Minister Nitish Kumar Calls All-Party Meeting On Caste Census

May 27, 2022
IPA Special

Wage Earners And Bottom 20 Per Cent Are The Hardest Hit By High Inflation

May 27, 2022
IPA Special

Centre’s Sudden Wheat Export Ban Has Hit The Income Of Common Farmers

May 27, 2022
IPA Special

Ray Liotta Of Goodfellas Fame Was An Actor Of Great Talent

May 27, 2022
Politics

BJP wants AAP stopped from becoming main opposition party

May 27, 2022
Happening Now

Imran praises India for fuel price cut, slams Pakistan

May 27, 2022
Happening Now

Putin offers to help solve food crisis if sanctions lifted

May 27, 2022
Politics

Mann govt trains guns on ‘corrupt’ ex-ministers

May 27, 2022
Politics

Expelled Mayawati favourite lands up in Cong

May 27, 2022
Politics

Telangana CM holds talks with Deve Gowda in Bengaluru

May 26, 2022
IPA Special

Indian Membership Of Quad Is Against Both Political And Economic Interests

May 26, 2022

An appeal

The legacy of IPA, founded by Nikhil Chakravartty, the doyen of journalism in India, to keep the flag of independent media flying high, is facing the threat of extinction due to the effect of the Covid pandemic. Only an emergency funding can avert such an eventuality. We appeal to all those who believe in the freedom of expression to contribute to this noble cause.
Click here to learn more

Share

Reply

  • 0
More on IPA

No wheat-like export restriction for rice immediately

May 28, 2022 5:37 am | IPA Staff

India does not plan to curb rice exports as the world’s biggest exporter of the staple has sufficient stocks and local rates are lower than...

Business

Quad initiative to monitor Indo-Pacific maritime activities

May 25, 2022 12:01 am | IPA Staff

Four-nation grouping Quad on Tuesday launched a major new initiative for the Indo-Pacific that allows the partner countries to fully monitor the waters on their...

Business

M’rashtra, Kerala, R’sthan cut fuel VAT after central cut

May 23, 2022 6:35 am | IPA Staff

Maharashtra, Rajasthan and Kerala have decreased VAT on petrol and diesel after Finance Minister Nirmala Sitharaman’s call to provide further relief to consumers following a...

Business

RBI to pay Rs 30,307 crore dividend to govt for FY22

May 21, 2022 1:38 am | IPA Staff

  Reserve Bank of India (RBI) on Friday said its board has approved a dividend payment of Rs 30,307 crore to the government for the...

Business

No wheat-like export restriction for rice immediately

in Business
May 28, 2022   ·  

Quad initiative to monitor Indo-Pacific maritime activities

in Business
May 25, 2022   ·  

M’rashtra, Kerala, R’sthan cut fuel VAT after central cut

in Business
May 23, 2022   ·  
Follow us on
Up Next: Hijab verdict produces reactions on predictable lines
©2020 -2021 India Press Agency, All Rights Reserved
Newspack by India Press Agency
Posting....
logo
  • Home
  • now
  • politics
  • business
  • markets