India to Increase Crude Oil Purchases From Russia Under New Deal

[Free Vulcan]

In the game of global chess playing out between the U.S. and the China-Russia alliance, Moscow is making gains in India that are laying the foundation for a major shift that could bring America’s influence in Asia — and throughout the world — toppling down.

The Russian energy conglomerate Rosneft announced on Wednesday that it has signed a deal to significantly increase its oil sales to India.

“Rosneft Oil Company and Indian Oil Company signed a term agreement to substantially increase oil supplies as well [as] diversify the grades to India,” said Rosneft CEO Igor Sechin in a statement, per The Hindu.

This came only one day after Russian Deputy Prime Minister Alexander Novak announced that sales of Russian oil to India had grown by more than 20 times last year’s figures.

https://thenewamerican.com/india-to-increase-crude-oil-purchases-from-russia-under-new-deal/

[Kamaji]

What currency will these sales be settled in?

[Free Vulcan]

What currency will these sales be settled in?

I have a feeling it will be not dollars.

[GtHawk]

I have a feeling it will be not dollars.

So, another Biden foreign policy success?

[Kamaji]

I have a feeling it will be not dollars.

Ultimately, maybe, but for now, it will probably be settled in dollars.  From the article:

Rosneft said that representatives of the two oil companies also discussed the “possibilities of making payments in national currencies,” pointing to Russia’s efforts to de-dollarise its economy.

[sneakypete]

This comes as a surprise to me. I honestly thought India had plenty of oil.

Plus,India and Russia have never been on the best of terms.