Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Rupee payment for Venezuelan oil under consideration.

Date: 18-03-2019
Subject: 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. 

Current sanctions bar US firms from doing business with Venezuela but leave importers from India & other countries unhurt. The US, however, has been piling diplomatic pressure on India to cut import. Once the US cuts off Venezuela from the international financial system, Indian refiners will be forced to either stop import or build an alternative payment channel. 

India has already advised its refiners to avoid payment system controlled by the US, an official said. Only private refiners Reliance IndustriesNSE 0.93 % and Nayara Energy import Venezuelan oil, about 300,000 barrels per day. 

Given the massive American influence on the international financial system, the only viable alternative for refiners in India is to pay in local currency, the official said. 

Following a proposal from Venezuela and suggestion from refiners in India, the oil ministry has proposed setting up an alternative mechanism whereby entire payment will be made in rupee, the official said, adding that it is aimed to be like the one available for sanctionshit Iran, which currently supplies India about 300,000 barrels per day. 

The oil ministry has sent the proposal to the ministry of external affairs, which is yet to respond to this, the official said. The rupee trade can secure Indian buyers for Venezuela’s oil but most of the sale proceeds may lie unused in India because of huge trade imbalance between the two countries, an official said. 

The trade between Venezuela and India is worth $6 billion, of which exports from India comprise barely 1%. Crude oil imports mainly dominate the trade. Venezuela’s import of Indian drugs, food and textile has fallen in recent years due to its financial crisis. 

The US has asked India to not become “the economic lifeline for the Maduro regime” in Venezuela, US secretary of state Mike Pompeo said on Monday after meeting India’s foreign secretary Vijay Gokhale. 

Reliance Industries, the biggest Indian importer of Venezuelan oil, on Wednesday said it hasn’t increased its purchase from Venezuela. 

Last month during a visit to New Delhi, Venezuela’s oil minister Manuel Quevedo, who is also facing US sanctions individually, said his country planned to double its crude exports to India from 300,000 barrels per day. 

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 24-10-2020

Date: 21-10-2020
Notification No. 38/2020-Customs
Notification regarding exemption of duties of Customs against scrips issued under the RoSL scheme for apparel and made-ups sectors.

Date: 21-10-2020
Notification No. 07/2020 – Central Excise
Notification regarding exemption of duties of Central Excise against scrips issued under the RoSL scheme for apparel and made-ups sectors

Date: 20-10-2020
Notification No. 37/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, regarding the rate of duty of customs on imports of "Polybutadiene Rubber" originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement.

Date: 15-10-2020
Notification No. 99/2020 - Customs (N.T.)
Exchange rate Notification No.99/2020-Cus (NT) dated 15.10.2020- regd.

Date: 13-10-2020
Trade Notice No. 30/2020-2021-DGFT
Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under GSP, GSTP, India-Malaysia CECA, India-Singapore CECA w.e.f. 15th October 2020

Date: 09-10-2020
Notification No. 39/2015-2020
Amendment in Export Policy of Onions

Date: 08-10-2020
Circular No. 44/2020-Customs
Procedure for inspection of ICDs/CFSs/AFSs -reg

Date: 08-10-2020
Notification No. 49/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 07-10-2020
Public Notice No.24 /2015-20
Revision of SION H-68, H-301 & H-302 of Export Products- Double Decorative/Single side Laminates with or without Barrier Paper

Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001