Russia is currently auctioning its crude below the market price to willing buyers as Europe and the United States severe ties with Kremlin over its ongoing show of military strength in Ukraine.
Reports said India may take up a Russian offer to buy crude oil and other commodities which is currently sold at a huge discount.
Two Indian officials told journalists that Prime Minister Narendra Modi wants to keep the country’s ties with Russia and would buy a lot
“Russia is offering oil and other commodities at a heavy discount. We will be happy to take that,” one of the officials said.
The official added that such trade required preparatory work including transportation, insurance cover, and getting the right blend of crude, but once that was done India would take Russia up on its offer.
India, which imports 80 percent of its oil needs, usually buys only about 2 percent to 3 percent from Russia but in the last four years shifted its attention to Nigerian crude.
Apart from oil, India is also looking for cheaper fertilizer from Russia and its ally Belarus, according to one of the officials.