<p>Keen on increasing oil shipment from Russia and taking advantage of the discounted price being offered by the sanction-hit country, India is working on issues like availability of ships and insurance cover for its imports.</p>.<p>Russia is the second-largest exporter of crude and India is a third-largest importer and consumer, but hit by severe western sanctions, the former is looking for a buyer of its oil.</p>.<p>India shipped 43,400 barrels per day of oil from Russia last year, which is about 1 per cent of its total oil import. State-owned Rosneft is India's largest crude supplier. Russia is offering India oil on huge discount, according to industry sources, who said there were many problems in buying from a sanction-hit country.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/international/world-news-politics/ukraine-war-censorship-exposes-vladimir-putins-leaky-internet-controls-1091061.html" target="_blank">Ukraine war censorship exposes Vladimir Putin's leaky internet controls</a></strong></p>.<p>Officials, however, deny that there are any problems in buying oil from Russia at the moment as even Europe is buying. Only the US has stopped, they said.</p>.<p>"Oil on discount is always welcome. That will solve a lot of problems that the pandemic-hit economy is already facing," said an official but added that some issues like availability of tankers and insurance cover have to be sorted out.</p>.<p>"We cannot agree to pay a high insurance premium for our imports. There will be no net gain in that case," the official said.</p>.<p>Another official said the arrangement with banks in Russia and India have to be finalised and also the exchange rate for this oil trade has to be looked into.</p>.<p>"Various issues of importance are still being worked out," the second official said.</p>.<p>India's crude import bill may cross $100 billion in the current financial year from nearly $83 billion last year if oil prices keep rising. For the fiscal year 2022-23, the entire Budget math has been done assuming crude will remain within $75 per barrel. India ia a net importer of crude and ships 86 per cent of its consumption. High oil prices will feed into inflation and force RBI to raise interest rates at a time when pandemic has hit economic growth.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>
<p>Keen on increasing oil shipment from Russia and taking advantage of the discounted price being offered by the sanction-hit country, India is working on issues like availability of ships and insurance cover for its imports.</p>.<p>Russia is the second-largest exporter of crude and India is a third-largest importer and consumer, but hit by severe western sanctions, the former is looking for a buyer of its oil.</p>.<p>India shipped 43,400 barrels per day of oil from Russia last year, which is about 1 per cent of its total oil import. State-owned Rosneft is India's largest crude supplier. Russia is offering India oil on huge discount, according to industry sources, who said there were many problems in buying from a sanction-hit country.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/international/world-news-politics/ukraine-war-censorship-exposes-vladimir-putins-leaky-internet-controls-1091061.html" target="_blank">Ukraine war censorship exposes Vladimir Putin's leaky internet controls</a></strong></p>.<p>Officials, however, deny that there are any problems in buying oil from Russia at the moment as even Europe is buying. Only the US has stopped, they said.</p>.<p>"Oil on discount is always welcome. That will solve a lot of problems that the pandemic-hit economy is already facing," said an official but added that some issues like availability of tankers and insurance cover have to be sorted out.</p>.<p>"We cannot agree to pay a high insurance premium for our imports. There will be no net gain in that case," the official said.</p>.<p>Another official said the arrangement with banks in Russia and India have to be finalised and also the exchange rate for this oil trade has to be looked into.</p>.<p>"Various issues of importance are still being worked out," the second official said.</p>.<p>India's crude import bill may cross $100 billion in the current financial year from nearly $83 billion last year if oil prices keep rising. For the fiscal year 2022-23, the entire Budget math has been done assuming crude will remain within $75 per barrel. India ia a net importer of crude and ships 86 per cent of its consumption. High oil prices will feed into inflation and force RBI to raise interest rates at a time when pandemic has hit economic growth.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>
