India-Russia: Cheap oil is being bought from Russia amid the war, now India has given this offer

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India-Russia

Highlights

  • India made an offer to Russia
  • proposed to do business in Rs.
  • This plan may be given its final shape soon.

India-Russia: After Russia’s attack on Ukraine, many European countries, including the US, imposed trade sanctions. Due to this, Russian oil prices fell sharply in the international market. India benefited greatly from this. Amidst the war, while European countries showed apathy in importing crude oil from Russia in their country, India has bought oil from Russia on a large scale. The country from which India has bought the most crude oil during the war is Russia. In this way, Russia has become the largest crude oil supplier to India, leaving Saudi Arabia behind. At the same time, India has planned to do business with Russia in rupees.

India made an offer to Russia

India has proposed to Russia to trade in rupees. According to a report, India plans to use about two billion dollars deposited in Russian state-controlled VTB Bank PJSC and Sberbank PJSC. According to a Bloomberg report, this plan may be finalized soon. Earlier, both the countries had started trading under the ruble of Russia and the rupee of India, which did not prove to be effective due to the instability of the 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.

…and oil became cheaper

Due to the war between Russia and Ukraine, the US, Euro, 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 will benefit a lot by buying cheap oil. However, America, Quad countries, many countries of Europe have put pressure on India not to import crude oil from Russia. But India has also made its point clear that it will see its own interest first.

Let us inform that former Pakistan PM Imran Khan had also praised India for buying cheap oil from Russia. He had said that the specialty of India is that it is buying cheap oil from Russia bypassing the international pressure not to buy oil from Russia. Shahbaz Sharif government should learn from India.