India is considering a Russian offer to buy crude oil and other commodities at discounted prices through a rupee-ruble transaction. So far, India has not condemned Russia’s invasion of Ukraine, nor has it joined in with the West’s tough sanctions imposed on the country. An Indian government official told Reuters: “Russia is offering oil and other commodities at a heavy discount. We will be happy to take that. We have some issues like tanker insurance cover and oil blends to be resolved. Once we have that we will take the discount offer.” India is the world’s third-biggest oil consumer and importer. Currently, it brings in around 85 percent of its oil needs – but typically only buys 2-3 percent of its supplies from Russia. Despite prices faltering in recent days – there remains a near $25 discount for Urals grade oil compared to Brent Crude – as businesses shun […]