{"id":1415455,"date":"2022-04-01T19:00:16","date_gmt":"2022-04-01T23:00:16","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1415455"},"modified":"2022-04-01T19:00:19","modified_gmt":"2022-04-01T23:00:19","slug":"report-moscow-offers-india-steep-discounts-on-oil-amid-global-sanctions","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-moscow-offers-india-steep-discounts-on-oil-amid-global-sanctions\/","title":{"rendered":"Report: Moscow Offers India Steep Discounts on Oil amid Global Sanctions"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Freport-moscow-offers-india-steep-discounts-on-oil-amid-global-sanctions%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1415455&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p class=\"subheading\"><span>Russian Foreign Minister Sergei Lavrov reportedly offered Indian Prime Minister Narendra Modi deep discounts on oil during a secretive meeting in New Delhi on Friday. <\/span><\/p>\n<p><span>Russia seeks relief from massive international sanctions imposed after its invasion of Ukraine last month, while oil-hungry India is one of the few nations that has refused to condemn the invasion.<\/span><\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p><span>Bloomberg News<\/span><span> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-30\/russia-proposes-swift-alternative-to-india-for-ruble-payments\">reported<\/a> on Wednesday that India is considering a Russian proposal to buy oil using \u201crupee-ruble denominated payments\u201d made using the Russian central bank\u2019s System for Transfer of Financial Messages (SPFS) transaction system. SPFS is similar in concept to the international SWIFT financial messaging system, from which Russia was <\/span><span>partially<\/span> <a href=\"https:\/\/www.reuters.com\/business\/finance\/eu-excludes-seven-russian-banks-swift-official-journal-2022-03-02\/\"><span>banned<\/span><\/a><span> at the beginning of March.<\/span><\/p>\n<p><span>\u201cUnder the proposal, rubles will be deposited into an Indian bank and converted into rupees and the same system will work in reverse\u2026 Undecided elements include whether the exchange rate will be fixed or floating,\u201d Bloomberg reported.<\/span><\/p>\n<p><span>Russia\u2019s proposal also reportedly includes linkage between the payment systems employed for credit cards by Indian and Russian banks, an arrangement that would help Russia deal with the <\/span><a href=\"https:\/\/www.reuters.com\/business\/finance\/visa-suspends-operations-russia-over-ukraine-invasion-2022-03-05\/\"><span>loss<\/span><\/a><span> of Visa and Mastercard<\/span><span> services.<\/span><\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p><span>Lavrov <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-01\/russia-s-lavrov-appreciates-neutral-indian-stand-on-ukraine\"><span>said<\/span><\/a><span> on Friday that Russia \u201cappreciates\u201d India refusing to view the invasion of Ukraine in a \u201cone-sided way.\u201d India\u2019s <a href=\"https:\/\/www.wionews.com\/india-news\/india-russia-talks-amid-sanctions-moscow-offers-india-steep-discounts-on-oil-report-467379\">WION News<\/a> said that appreciation was expressed with \u201csteep discounts on the direct sales of oil\u201d \u2013 discounts as high as $35 a barrel on the prices Russia was charging a month ago.<\/span><\/p>\n<p><span>WION quoted analysts who said even if such a deal is struck, India\u2019s refineries are \u201cnot configured to buy a lot of Russian oil,\u201d so total imports might not increase much by volume.<\/span><\/p>\n<p><span>The <\/span><a href=\"https:\/\/timesofindia.indiatimes.com\/india\/russian-foreign-minister-to-meet-pm-modi-on-april-1\/articleshow\/90573921.cms\"><i><span>Times of India<\/span><\/i><\/a> <span>noted on Thursday that the agenda for Lavrov\u2019s meetings with [India\u2019s Foreign Minister S.] Jaishankar and Modi is rather secretive, and the Russian foreign minister was able to secure a meeting with Modi after U.S. and British officials were turned away:<\/span><\/p>\n<blockquote>\n<p><span>A media advisory on Lavrov\u2019s visit issued by the Ministry of External Affairs has not mentioned any meeting between the Russian foreign minister and the [Indian] prime minister. The Russian foreign minister arrived in India after concluding a two-day visit of China.<\/span><\/p>\n<p><span>His visit to India coincides with that of U.S. Deputy National Security Adviser Daleep Singh and British Foreign Secretary Liz Truss \u2013 neither was able to meet the PM.<\/span><\/p>\n<p><span>Last week, Chinese Foreign Minister Wang Yi visited India \u2013 he was also not able to meet PM Modi.<\/span><\/p>\n<\/blockquote>\n<p><span>Truss was clearly displeased by this state of affairs. On Thursday, she had what the <\/span><a href=\"https:\/\/indianexpress.com\/article\/india\/truss-jaishankar-faceoff-over-sanctions-most-russian-oil-buyers-in-europe-7846996\/\"><i><span>Indian Express<\/span><\/i><\/a> <span>described as \u201can unscripted sharp exchange\u201d with Jaishankar on the subject of India buying discounted Russian oil:<\/span><\/p>\n<blockquote>\n<p><span>\u201cIndia is a sovereign nation. I\u2019m not going to tell India what to do. What I have said is as a member of the UK Government that has signed up to the Budapest Memorandum, I feel a strong responsibility on behalf of the United Kingdom to take all the action we can, to support the people of Ukraine but that is not the same as going around telling other countries what to do,\u201d Truss said.<\/span><\/p>\n<\/blockquote>\n<p><span>Jaishankar responded by insisting the Indian government cannot be blamed for shopping for \u201cgood deals.\u201d He pointed out Europe\u2019s purchases of Russian oil are larger and growing faster than India\u2019s.<\/span><\/p>\n<p><span>\u201cI am pretty sure if we wait two or three months and actually look at who are the big buyers of Russian gas and oil, I suspect the list won\u2019t be very different from what it used to be. And I suspect we won\u2019t be at the top ten of that list,\u201d he said.<\/span><\/p>\n<p><span>Singh, the U.S. deputy national security adviser, delicately <\/span><a href=\"https:\/\/www.aljazeera.com\/news\/2022\/3\/31\/us-uk-say-wont-tell-india-what-to-do-on-russian-imports\"><span>offered<\/span><\/a><span> to \u201chelp India diversify its energy resources\u201d but said \u201cthere is no prohibition at present on energy imports from Russia.\u201d<\/span><\/p>\n<p><span>\u201cFriends don\u2019t set red lines,\u201d said Singh, right before he drew something that looked quite a bit like a line with a somewhat reddish color: \u201cWhat we would not like to see is a rapid acceleration of India\u2019s imports from Russia as it relates to energy or any other exports that are currently being prohibited by us or by other aspects of the international sanctions regime.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russian Foreign Minister Sergei Lavrov reportedly offered Indian Prime Minister Narendra Modi deep discounts on oil during a secretive meeting in New Delhi on Friday. Russia seeks relief from<\/p>\n","protected":false},"author":41,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1415455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1415455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1415455"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1415455\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1415455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1415455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1415455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}