Two Indian officials said Monday that India is seriously considering a Russian offer that would allow them to buy crude oil and other commodities for paise on the rupee.
“Russia is offering oil and other commodities at a heavy discount. We will be happy to take that,” one unnamed Indian government official said.
The officials also said New Delhi was seeking deals on Russian-made agricultural fertilizer.
Neither official disclosed how much oil was on offer, or how much the deal would net Russia.
The discussions come as governments around the globe have sanctioned Moscow over the Russian invasion of Ukraine, causing the ruble to plummet and the crash of the Russian economy to appear imminent.
India, which has yet to publicly condemn the invasion, is a long-time trading partner of Russia.
Governments around the globe have sanctioned Moscow over the Russian invasion of Ukraine. Andrey Rudakov/Bloomberg via Getty Images
India is also seeking deals on Russian-made agricultural fertilizer. Andrey Rudakov/Bloomberg via Getty Images
India has yet to publicly condemn the invasion of Ukraine and is a long-time trading partner of Russia. Sanjeev Verma/Hindustan TimesNew Dehli is particularly reliant on the Kremlin for military hardware, with experts estimating that as much as 60 percent of Indian military equipment is made in Russia.
India has previously leased a nuclear submarine from Russia, and is in talks to lease a replacement in the coming years. Indian officials are also currently expecting the delivery of Russian-made missile systems.
With Post wires
