India Will Not Pay In Rupees For Russian Oil, For Now

For the time being, India will not pay in rupees for oil from Russia or any other oil exporter, the junior petroleum minister of the world’s third-largest oil importer said on Monday. “At present, oil public sector undertakings neither have any contract nor is any such proposal under consideration from Russia or any other country for purchase of crude oil in Indian rupees,” Indian junior oil minister Rameswar Teli told Parliament today, as carried by Reuters. Reports emerged earlier this month that India was exploring ways to…