India, which imports 80 per cent of its oil needs, usually buys about 2 to 3 per cent of its supplies from Russia. But with oil prices up 40 per cent so far this year, the government is looking at increasing this if it can help reduce its rising energy bill.
Work was ongoing to set up a rupee-rouble trade mechanism to be used to pay for oil and other goods, the official said. Russia's Surgutneftegaz allowed Chinese buyers to receive oil without providing letters of credit payment guarantees in order to bypass sanctions, sources told Reuters. The government, which has already doubled its subsidy bill for the fiscal year to the end of March 31, allocated a further 149 billion Indian rupees on Monday .
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