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After Western nations slapped sanctions on Russia for its invasion of Ukraine, India's junior energy minister said parliament on Monday that the country would not contemplate buying oil from Russia or any other country using Indian rupees.

With the impact of Western sanctions on Russia's dollar-based trading, attention is turning to Moscow's efforts to diversify its currency portfolio, including the use of the yuan and rupee in trade with China and India.

Indian corporations are snatching up Russian oil through spot bids, taking advantage of steep discounts, while other customers are wary of buying Russian oil because of Moscow's invasion of Ukraine.