NEW DELHI/BANGALORE - As inflation rises in India, Prime Minister Narendra Modi's government may be set to buy more barrels of discounted Russian oil and revive rupee-rouble trade.
India is the world's third-largest consumer and importer of oil, importing about 80 per cent of its oil needs. With Western sanctions imposed on Russia after its attack on Ukraine turning off some European buyers, Moscow is now offering oil at a discounted price to Indian companies.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you