India will not buy crude in rupees from Russia or any other country: India's Government.

With crude costs skyrocketing, India is looking for the world's cheapest oil. However, India has stated unequivocally that it would not pay Russia or other nations selling discounted crude oil to India in their currency.

Rameshwar Teli, Minister of State for Petroleum and Natural Gas, stated in Parliament on Monday that India would not contemplate using Indian rupees to purchase crude oil from Russia or any other country.

Western sanctions have had an impact on Russia's dollar-based commerce. The agreement with China and India is said to have centered on Moscow's efforts to shift to other currencies, particularly the usage of the yuan and rupee.

There is no arrangement with Russia or any other nation for public sector oil corporations to purchase crude oil in Indian rupees, and no such plan is under discussion, Teli added.

Companies in the world's third-largest crude importer are buying Russian oil through spot tenders, taking advantage of Russia's enormous discounts, while other purchasers are avoiding buying in Moscow due to Russia's invasion of Ukraine.

Oil Minister Hardeep Singh Puri stated earlier this month that India was in contact with Russian officials to purchase crude and was negotiating insurance, freight, and payment concerns.

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