Rupee payment for Venezuelan oil under consideration
India is considering Venezuela’s proposal to use rupee for trade payments to protect the current oil import from the South American nation facing hardening US sanctions.
The US has imposed a series of sanctions on Venezuela to squeeze its oil revenue and force the nation’s President Nicolas Maduro to step down. The US, which recognised opposition leader Juan Guaido as the president of Venezuela in January, is now considering imposing new financial sanctions aimed at cutting the Latin American nation’s access to the international financial system.
India has already advised its refiners to avoid payment system controlled by the US, an official said. Only private refiners Reliance IndustriesNSE -1.48 % and Nayara Energy import Venezuelan oil, about 300,000 barrels per day.
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I wish Maduro would consider doing a cambalache for Indian sacred cows instead. We could use the beef.