On Wednesday last week, Indian government officials said that state-controlled Indian Oil Corp. had reached a deal to buy 3 million barrels of oil from Russia’s Rosneft Oil Co. at a 20% discount to global prices.
This is a drop in the ocean of India’s oil needs, which stood at 4.5 million barrels a day in January. Still, if a payment system in rupees is worked out that insulates the transaction from sanctions placed on Russia, much more could follow.
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