Indian oil refining firms paying in Yuan for Russian oil may be inevitable but would open a floodgate to weaken INR further; Brazil, B'desh, and Argentina shifting to Yuan trade is a big threat too
Import of petroleum-related products from Russia accounted for $27.7 billion in April-December 2022, a 700 % increase from $3.4 billion a year ago.
India continues to import fuel at a far cheaper rate despite the energy prices going through the roof due to Ukraine crisis, says Nirmala Sitharaman.
At the G20 summit in Bali, Prime Minister Modi urged countries to not put any restrictions on the supply of energy.
CPI declined to 6.77% in October from 7.41% in September when Russia topped the chart of India's oil suppliers.
The country procures Russian oil at deep discount of around $15-20 a barrel.
The government warned that many countries in the immediate neighbourhood are facing severe fuel shortages and chaos due to high fuel inflation.
Russia is the world's largest oil exporter, shipping 8 million barrels per day of crude and refined oil products to customers across the globe.
The initial release of 60 million barrels, or 4% of IEA stockpiles of 1.5 billion barrels, is equivalent to 2 million barrels a day for 30 days.
