Several new purchase agreements for Russian crude by Indian state-run oil companies have been reported. But sanctions make paying for it tricky
Save time by listening to our audio articles as you multitaskIndia has refrained from condemning Russia for its invasion of Ukraine, even as the West has imposed sanctions. But big Russian banks have been cut off from themessaging system used for cross-border transactions and American measures have largely blocked the use of dollars, complicating trade. Sergei Lavrov, Russia’s foreign minister, was due to visit Delhi on March 31st, after we wrote this.
In recent weeks a spate of reports in the Indian media have detailed new purchase agreements for Russian crude by Indian state-run oil companies. Hindustan Petroleum was said to have purchased 2m barrels and Indian Oil 3m barrels; Mangalore Refinery and Petrochemicals has sought to buy 1m. Others are said to have made bids for Russian oil, too.
The main difficulty, though, is payments. To deal with Iran after it came under sanctions in 2011, India used Uco Bank, a state-run firm with foreign operations that extended only to Singapore, Hong Kong and Tehran, and which was therefore outside the West’s regulatory net. This time around, however, Singapore has cracked down on Russian transactions, meaning Uco cannot be used.
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