NEW DELHI: India is likely to import nearly 10 million tonnes of crude oil from Russia, as it is getting a $20 discount per barrel. Of this, the state-run oil companies have committed to buying 6 mt and private companies are negotiating for
importing 4 mt.
It is understood that India is working on a rupee-rouble exchange, which would allow India and Russia to carry out financial operations bypassing the dollar. The Indian government is working on a proposal to permit five nationalised Indian banks to be engaged in the rupee-rouble trade mechanism.
