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India Paying for Bulk of Russian Oil Purchases in "Unfriendly Currencies"

OIL

India pays for Russian oil exclusively in hard currencies, not in rupees, the country's ambassador to Russia, Pavan Kapoor said referring mainly to the US dollar according to Interfax reports.

  • In the past 18 months in which India has purchased increased volumes of Russian oil, the country has not made a single payment for oil in rupees, they were all made in hard currencies, Kapoor said.
  • The head of state bank VTB , Andrei Kostin said a substantial share of Russian trade with India is still conducted in "unfriendly" currencies.

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