India, Russia to push for long-term arrangement for crude supplies

New Delhi and Moscow during PM Narendra Modi's visit (July 8-9) will push for a long-term arrangement for crude supplies from Russia to India in the backdrop of rising Russian oil exports, reported from The Economic Times.

The need for a long-term arrangement enabling a smooth supply of Russian crude to India at discounted rates has been under discussion between the two sides.

Energy trade will be on the agenda when Modi meets Russian President Vladimir Putin across various formats over the next two days – private dinner, restricted and delegation level talks.

Russia has emerged as the major supplier of crude oil to India since the Ukraine war due to heavy discounts that it offered in its supplies. Payments for oil imported from Russia are made in international currencies.

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