India Resumes Oil Imports from Russia: Country Granted Discount

Russia has granted India a discount on oil due to the lack of alternative suppliers in New Delhi, stated Roman Babushkin, the acting ambassador of Russia to India, as reported by The Times of India.

Russia is employing a "very special mechanism" to maintain oil supplies to India, and despite sanctions and increased tariffs from the United States, the import of Russian oil will remain at the same level.

“Currently, 90% of trade settlements between India and Russia are conducted in rupee-ruble currency. All payment issues have been resolved, and Russian companies have begun to accept rupee,” Babushkin said.