As per the report, out of 80 per cent of India's oil imports, 2 to 3 per cent account from Russia currently. However, with soaring oil prices, India is planning to increase its oil imports from Russia. Meanwhile, the government is also considering introducing the Rupee payments option to continue trade with Russia, as the latter is banned from the SWIFT international banking system.
Russian oil and gas company Surgutneftegaz has also allowed China to receive oil without providing letters of credit payment.
India is expecting imports of 8,70,000 tonnes of coking coal by March 20. According to the report, vessels carrying at least 1.06 million tonnes of coking coal are set to get delivered at Indian ports this month. Russia is a major exporter of defense equipment, edible oil, and crude oil in India. The government is preparing a list of items that can be exported to Russia, to narrow its trade deficit worth $5 billion. If the payment in Rupee gets approved, India would receive export items at a more affordable and cheaper price.
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