India sets conditions for paying for Russian oil

Indian banks are ready to process payments for Russian oil imports only under two conditions, Bloomberg reported, citing sources.

First, the crude must come from suppliers not on sanctions lists. Second, all transactions must fully comply with existing restrictions. This marks a shift from several weeks ago, when Indian banks avoided payments for any Russian cargo due to difficulties verifying supply chains.

Transactions can now be made in UAE dirhams and Chinese yuan.

According to Bloomberg, Russia is offering India Urals crude at an unprecedented discount, as many Indian refineries have halted purchases due to U.S. sanctions.