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parity watch
INR:RUB, 1:1.29
(This FX pair is what US is calling a "discount" price/bbl)
INR:USD, 1:0.01
(by comparison to IN buying USD to pay for USD-denominated crude anywhere)

Pakistan Today | 'Think twice before buying Russian oil', US warns India

The remarks come after an official in New Delhi was quoted as saying his country would be "happy" to take the offer, RT The Times of India reported.
But with [USD-denominated] oil prices up 40% so far this year, the government is looking at increasing this if it can help reduce its rising energy bill.

"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," one of the Indian government officials said.
Work was ongoing to set up a rupee-rouble trade mechanism [bi-lateral FX peg|float reference] to be used to pay for oil and other goods, the official said.

When asked about reports that India was about to accept Moscow's offer to buy cheaper crude, White House press secretary Jen Psaki said nations should be cognisant of their role in history when they deal with Russia following its attack on Ukraine.
by Cat on Wed Mar 16th, 2022 at 08:35:10 PM EST
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