Amid the ongoing conflict between Ukraine and Russia, the central government clarified to the Rajya Sabha on Monday that its oil public sector companies currently have no contracts for the purchase of crude oil in Indian Rupees (INR). from Russia or any other country. countries.
“At present, the oil public sector companies have no such contracts or proposals under consideration from Russia or any other country for the purchase of crude oil in Indian rupees ( INR),” Union Minister of State for Petroleum and Natural Gas Rameswar Teli said. said in a written response.
The minister’s response came as Biju Janata Dal MP Sujeet Kumar asked, “If India has entered into a contract with any country to buy crude oil in rupees instead of dollars, partially or totally.”
The answer is significant given the assumptions that India and Russia’s trade could take place in local currencies.
Amid reports that New Delhi is considering buying Russian oil at a cut rate following the spike in global oil prices after the Ukraine conflict, sources said India’s legitimate energy deals should not be politicized.
The sources further said that the spike in oil prices after the conflict in Ukraine has now added to our challenges.
According to some media, Indian Oil Corporation has purchased 3 million barrels of Russian crude oil, the first such transaction since Russia invaded Ukraine on February 24.