Cheap Russian Oil Makes India Scout for Payment Workarounds
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India, the world’s third-biggest oil importer, is studying ways to buy Russian crude available at a steep discount as more and more customers shun the nation’s supplies following the war in Ukraine.
The South Asia nation is considering workarounds that would allow it to purchase cheaper oil from Russia through a mechanism that circumvents international sanctions, according to government officials familiar with the matter. India is consulting its central bank, exporters and Russian authorities for rupee payments benchmarked to U.S. dollars for buying the oil, the officials said, asking not to be identified citing rules.