Ukraine Crisis: India mulls buying discounted rate crude oil from Russia

India may consider buying crude oil from Russia at discounted rate amid tough sanctions from US, according to Reuters. Amid Russia-Ukraine war and sanctions imposed by the West, Europe against Moscow, the Russian economy is in shambles impacting its oil-gas export business. 

At the same time, when oil prices are soaring high, India is planning to purchase discounted crude oil and related commodities from Russia with with payment via rupee-rouble transaction, Reuters report said. 

As Russian economy faces



its worst since 1991, Moscow has urged India to increase its investments after sanctions over its oil-gas exports.

Russia Deputy Prime Minister Alexander Novak in a statement said that Russia's oil and petroleum product exports to India have approached $1 billion and there are opportunities to increase it further.

Meanwhile, Union Minister for Petroleum Hardeep Singh Puri on Monday informed the Rajya Sabha that the government is looking for an alternate market for fuel purchase amid the ongoing Russia-Ukraine conflict.