The system is ready to be tested after exporters had an importers have opened new bank accounts to enable rupee trade.

The effective prices refiners pay could exceed the $60 per-barrel cap that came into effect on Monday

India is now Russia's biggest oil customer after China, as its refiners snap up discounted cargoes shunned by Western buyers

India’s fast-rising Russian oil imports are being matched by its rising oil exports suggesting it may be reselling Russia’s oil to the West.

India’s fast-rising Russian oil imports are being matched by its rising oil exports suggesting it may be reselling Russia’s oil...

The marine news publication Lloyd's List said an anonymous entity based in Dalian has bought several very large crude carriers to create the hub off the coast of Portugal

Reliance emerged as one of the key buyers of discounted Russian crude after some Western buyers shunned it following Moscow's invasion of Ukraine in late February

The US confidence in a price cap follows positive reaction by China and India to the plan, which would limit Moscow’s revenues over its aggression in Ukraine

The equivalent of about 1.77 million barrels per day (bpd) of Russian oil were shipped to China, down from May's record of 1.98 million bpd, a level analysts had expected to be maintained

The new firm will take over rights and obligations of Sakhalin Energy Investment Co, in which the two Japanese companies and Shell hold just under a 50% stake

A source said the price-per-barrel cap level had not yet been determined, but it would have to be high enough to give Russia an incentive to keep producing oil

Putin said Russia was discussing increasing the presence of Chinese cars on the Russian market as well as the opening of Indian supermarket Chains.