India to continue buying Russian oil, discount to be finalised: Report

India will continue to buy “cheap oil” from Russia but has not finalised terms of the discount, a senior government official familiar with the matter said on Wednesday.

“We will get cheap oil from Russia,” the government official told reporters on Wednesday, adding that the average price at which the world’s third largest oil importer buys crude is currently above $100 a barrel.

With concerns that conventional payment routes could be blocked due to Western sanctions on Moscow, including on banks, work was ongoing to set up a rupee-rouble trade mechanism to facilitate transactions, the official said.