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Russia turns to India for oil and arms
NEW DELHI — When Russia faced international condemnation and sanctions after President Vladimir Putin launched his Feb. 24 invasion of Ukraine, India stayed on the diplomatic sidelines.
Now, as those economic sanctions begin to bite, Moscow is again turning to India.
India, the world’s biggest oil importer behind China and the United States, has agreed to purchase 3 million barrels of Russian oil at a heavy discount, an Indian official said Thursday. The purchase, which was first reported by the Wall Street Journal, is relatively small given Russia’s production and Indian demand. But the volume could increase in the coming months and reinforce a growing perception that India is determined to preserve its extensive trade and military ties with Moscow, even as the United States and its allies urge governments around the world to isolate Russia.
Aside from the oil deal, the Indian government is also exploring ways to maintain trade with Russia by reviving a Cold War-era arrangement called the rupee-ruble trade, according to two other Indian officials with knowledge of the matter. The mechanism, which would be akin to a ledger of trade between the two countries, would let Indian and Russian firms do business while bypassing the need to use U.S. dollars — the predominant currency of international trade — and lowering the risk of potential U.S. sanctions.
Now, as those economic sanctions begin to bite, Moscow is again turning to India.
India, the world’s biggest oil importer behind China and the United States, has agreed to purchase 3 million barrels of Russian oil at a heavy discount, an Indian official said Thursday. The purchase, which was first reported by the Wall Street Journal, is relatively small given Russia’s production and Indian demand. But the volume could increase in the coming months and reinforce a growing perception that India is determined to preserve its extensive trade and military ties with Moscow, even as the United States and its allies urge governments around the world to isolate Russia.
Aside from the oil deal, the Indian government is also exploring ways to maintain trade with Russia by reviving a Cold War-era arrangement called the rupee-ruble trade, according to two other Indian officials with knowledge of the matter. The mechanism, which would be akin to a ledger of trade between the two countries, would let Indian and Russian firms do business while bypassing the need to use U.S. dollars — the predominant currency of international trade — and lowering the risk of potential U.S. sanctions.
https://www.washingtonpost.com/world/2022/03/17/india-russia-oil/
I thought India was a US ally?
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