India and Russia do not yet use rupees for oil supplies. TASS reports this, citing Pankaj Jain, Secretary of India’s Ministry of Petroleum and Natural Gas.
“This is an issue we are still discussing, negotiations are not over yet. We are not using the Indian currency yet,” Jain said on the sidelines of the ADIPEC fair in Abu Dhabi. He added that India and Russia use different currencies when paying for oil supplies. It was earlier reported that the parties may switch to paying for contracts in national currencies.
According to Bloomberg, India has purchased over $7 billion worth of oil from Russia since August. Russia is one of India’s largest suppliers of energy resources.
At the end of August, former head of the Russian Ministry of Finance Mikhail Zadornov connected The fall of the ruble along with the accumulation of rupees that pay Russia for energy supplies in India. Russia supplies $30 billion worth of oil and oil products to India, and Russian imports from India are estimated at around $6-7 billion annually. Zadornov stated that the Russian Federation has nothing to buy in India, but since the rupee is a non-convertible currency, Russia cannot return these rupees. The Ministry of Finance later denied this, saying that the exporters were retreat income from any jurisdiction.
It was previously known how Russian companies retreat rupee from India.
Source: Gazeta
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