India’s state refiners are jointly negotiating a long-term oil import deal with Russia, a government source aware of the development said on Thursday.

India and Russia are yet to finalise terms, such as the payment currency, for the imports, the source said, declining to be named because of the sensitivity of the matter.

“Negotiations will happen later … state refiners are together for these negotiations,” the source said.
Indian private refiners Nayara Energy and Reliance Industries RELI.NS have already signed term deals for Russian oil imports.
Source: Reuters (Reporting by Nidhi Verma; Writing by Sethuraman NR in Bengaluru; Editing by Savio D’Souza)