NEW DELHI: India is close to clinching a deal with Russia for buying 3.5 million barrels of its crude at “deep discounts”, people aware of the development told TOI.
The broad contours of the deal indicate Russia will take care of shipping and insurance for delivering the crude to India. This will overcome a major hurdle for Indian refiners in buying Russian crude.
The deal, if it goes through, will signal India keeping its doors open to trade with Russia, an old ally. A discount on Russian crude will also help lower the cost for India, although the amount being discussed currently is not very large.
