India is considering accepting Russia’s offer of discounted oil and other commodities once tanker and insurance cover issues are resolved, two Indian officials have said.
Another commodity the Indian government is also looking at exploiting is cheaper Russian fertilizer.
The plan indicates that New Delhi wants to keep Russia as trading partner despite Western attempts to isolate Moscow using sanctions.
Usually India imports about 2-3% of its fuel from Russia – 80% of all oil used in the country is imported overall – and is reportedly looking at establishing a rupee-ruble trade mechanism to allow the two countries to do business outside sanctions.
U.S. have said in recent weeks they would like India to distance itself from Russia as much as possible, while recognising that India relies heavily on Moscow for everything from arms and ammunitions to missiles and fighter jets.
India has not condemned the invasion of Ukraine and abstained from voting at the United Nations calling out Russia’s aggression.
One person within India’s security apparatus said the West understood India’s position, given that it needs to keep its armed forces well supplied amid simmering territorial disputes with China.
