russia did not agree to sell oil to India for rupees
Most transactions between the two countries are still made in dollars
India and russia have been negotiating oil trade in rupees for several months, but have failed to reach an agreement.
Source. Reuters writes about this with reference to sources in the Indian government.
Most transactions between the two countries are still carried out in dollars, despite the fact that in his address to the Federal Assembly, russian dictator vladimir putin said that russia would work to form a settlement system independent of the dollar and other Western currencies.
The Indian authorities have failed to convince the russian side to use the rupee because it is not profitable for russia to accumulate this currency. According to one source, russia insisted on paying for its oil in yuan or other currencies.
India and China have become the key buyers of oil from russia after most Western countries refused to buy it. russia sells it to these countries at a big discount.
In April, it became known that the State Bank of India and the Bank of Baroda told local oil refiners that they would not be able to make payments for russian oil purchased at a price exceeding $60.
Background. In January 2023, it was reported that the Indian authorities were ready to support the price ceiling for russian oil imposed by a coalition of Western countries, if necessary.
As it became known, the United States issued a warning about schemes to circumvent the ceiling on russian oil prices.
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