India’s state refiners did not submit bids in tenders issued by Russia’s top oil producer Rosneft as the terms were “one-sided”, two sources familiar with the matter said on Thursday.
The terms echoed demands from Russian President Vladimir Putin for roubles-only trade in natural gas. One of the sources said the terms of the tenders, which closed on Thursday, were “very biased” towards the seller. The sources spoke on condition of anonymity due to the sensitivity of the matter.
Russian oil producers face difficulties selling cargoes as international refiners and traders shun them for fear of Western sanctions imposed over Russia’s invasion of Ukraine, which Moscow calls a “special operation”.