From The Hill, March 18:
India’s state-run oil company purchased 3 million barrels of Russian crude this week as numerous other nations bar such imports due to Moscow's invasion of Ukraine, The Associated Press reported on Friday.
Indian Oil Corp. made the purchase despite international pressure, led by the U.S. and other Western nations, to freeze Russia out of the global energy market over the incursion. India, the world's largest democracy, imports about 85 percent of the oil it uses.
The largest portion of India’s oil, 27 percent, comes from Iraq, followed by Saudi Arabia with 17 percent, the United Arab Emirates with 13 percent and the U.S. at 9 percent.
The U.S. and much of Europe have already applied heavy sanctions to Russia along with the U.S.’s energy import ban.
White House press secretary Jen Psaki has said Indian purchases of Russian oil would not run afoul of U.S. sanctions, but that Indian leaders should “think about where [they] want to stand when history books are written.”....
....MUCH MORE
Other reports say the deal was transacted in Rupees and Roubles meaning:
Dedollarization
