Go Unlimited with Magzter GOLD
Get unlimited access to 10,000+ magazines, newspapers and Premium stories for just
Try GOLD - Free
Russian crude imports rise but rupee-rouble plan slips
Hindustan Times Pune
|July 12, 2025
A rupee-settlement mechanism rolled out in 2022 to ease trade with sanction-hit countries has failed to gain traction with India’s largest crude supplier—Russia. Indian refiners continue to source Russian crude supplies through traders based in the United Arab Emirates and settle transactions in dirhams.
Most transactions for crude oil supplies are executed via West Asia-based traders rather than through a direct bilateral payment system between Indian and Russian entities, according to two people familiar with the matter, seeking anonymity.
"There was a payment issue, which has been sorted out now. Payments have been happening in AED (UAE dirham) because Indian state-run refiners are primarily buying it from the traders and most of them are UAE-based," said one of the people cited above. "Also, even if the Russians give their crude oil for sale to a trader, they earmark it for a particular company. This is something specific to them. Also, the discounts on Russian oil have come down."
This story is from the July 12, 2025 edition of Hindustan Times Pune.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Hindustan Times Pune
Hindustan Times Pune
Flawed but funny and deeply relatable
Kristen Bell and Adam Brody return as Joanne and Noah - two people trying, and often failing, to balance love, faith, and personal growth - in Nobody Wants This season 2.
1 min
October 25, 2025
Hindustan Times Pune
STATUE OF UNITY
Honouring The Architect Of United India
1 min
October 25, 2025
Hindustan Times Pune
World Cup: Sri Lanka vs Pakistan game called off
The ICC Women's World Cup match between Sri Lanka and Pakistan was called off due to rain here on Friday.
1 min
October 25, 2025
Hindustan Times Pune
Rashtriya Ekta Diwas: Celebrating Sardar Patel's Legacy of Unity and Integrity
Every year on October 31, India observes National Unity Day, or 'Rashtriya Ekta Diwas', to honour the legacy of Sardar Vallabhbhai Patel. The day serves as a reminder of the values that Sardar Patel embodied: Unity, Integrity, and Inclusiveness.
1 min
October 25, 2025
Hindustan Times Pune
The man who chased the Indian monsoon
Jagadish Shukla, who was part of the team that won the 2007 Nobel Peace Prize for work on human-induced climate change, chronicles his work, in A Billion Butterflies
4 mins
October 25, 2025
Hindustan Times Pune
Ekta Nagar: Synergising Tourism with Sustainable Development
Ekta Nagar has emerged as a model of sustainable development, combining tourism with clean energy, green infrastructure, and local empowerment.
1 mins
October 25, 2025
Hindustan Times Pune
Reining in emission now can cut 0.6m of future sea-level rise: Study
Decisive climate action taken now could spare future generations around 0.6 metres of sea-level rise that would otherwise reshape coastlines for centuries to come, new research has found, underscoring the urgent need for emissions mitigation despite the irreversible nature of rising seas.
2 mins
October 25, 2025
Hindustan Times Pune
Viksit Bharat vision needs to have room for animals
When you navigate the distance between wood-panelled conference rooms in New Delhi to dusty tehsil offices, one lesson keeps returning to your desk, like a live file: India’s policies are at their best when they reflect our Constitution’s moral imagination, and not merely our administrative convenience.
4 mins
October 25, 2025
Hindustan Times Pune
PM raises NDA poll pitch, calls Oppn 'tie-up of thugs'
the National Democratic Alliance's (NDA) poll campaign in Bihar with back-to-back rallies in Samastipur and Begusarai districts, likening the Opposition to a coalition of thugs led by \"people out on bail\" and predicting a record-breaking victory for the ruling dispensation.
1 min
October 25, 2025
Hindustan Times Pune
EU accuses Meta, TikTok of breaking digital content rules
BRUSSELS, BELGIUM: The EU accused Meta and TikTok on Friday of breaking the bloc's digital content rules, putting the companies at risk of hefty fines.
1 min
October 25, 2025
Listen
Translate
Change font size