At present, no rupee contracts for purchase of crude oil from Russia, other countries: Centre
Mar 28, 2022
New Delhi [India], March 28 : Amid the ongoing Ukraine-Russia conflict, the Central government clarified in the Rajya Sabha on Monday that its Oil Public Sector Undertakings, presently, do not have any contracts for the purchase of crude oil in Indian Rupees (INR) from Russia or any such other countries.
"At present, Oil Public Sector Undertakings neither have any contract nor is any such proposal 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 in a written reply.
The Minister's response came when Biju Janata Dal MP Sujeet Kumar asked: "Whether India is under any contract with any country to purchase crude oil in rupees instead of dollars, either partially or wholly".
The reply is significant amid assumptions that both India and Russia trade may take place in local currencies.
Amid reports that New Delhi is planning to buy Russian oil at a discounted rate following the surge in global oil prices after the Ukraine conflict, sources said India's legitimate energy transactions should not be politicized.
The sources further stated that the jump in oil prices after the Ukraine conflict has now added to our challenges.
According to some media reports, Indian Oil Corporation purchased 3 million barrels of Russian crude oil, the first such transaction since Russia invaded Ukraine on 24 February.
