The government is exploring a payment mechanism for the import of oil from Russia in view of the sanctions imposed by the US and European countries following Moscow’s attack on Ukraine.
With sanctions imposed on Russia, the scope of a payment mechanism in local currencies has expanded from being a means to sustain ongoing trade to possibilities of deeper engagement, including increasing bilateral trade.
“We have heard rouble payment being done by Europe. India had a rupee-rouble payment structure earlier. I don’t think we have arrived at any decision as yet. Some discussions are happening,” sources said.
