Receive rebate from Putin, India buys 5 million barrels of Russian crude

Tribunnews reporter Namira Yunia Lestanti

TRIBUNNEWS.COM, NEW DELHI – Amid the West’s heated stance on Russian trade, the Indian government is known to be setting up a rupee-ruble payment mechanism for all import transactions from Putin’s country.

Despite opposition from the US and the West, the Indian government has insisted on continuing trade activities with Russia.

The decision was made by the Indian government after seeing the discount opportunity offered by Putin for buying Russian crude.

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The seriousness of India in this cooperation is also evidenced by the unblocking of the rupee-ruble trading mechanism.

With the support of the Indian Exporters Association FIEO. It is planned that the payment mechanism will be completed next week.

Federation of Indian Export Organizations (FIEO) President A Sakthivel said this mechanism would allow Indian exporters to continue doing business with Russia.

International payment mechanisms restricted even after western sanctions.

As quoted by the Asian Times, the Indian government is said to have agreed to an agreement to buy five million barrels of Russian crude oil.

Two million barrels will be deposited with Hindustan Petroleum while the rest will be distributed to Indian Oil.

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