Indian state-owned refineries are collaborating to negotiate long-term oil import agreements with Russia.
India and Russia have not yet finalized specific details, such as the currency to be used for Russian oil imports, according to an Indian government source.
PM Modi and President Putin discussed enhancing cooperation in the energy sector.
India-Russia energy cooperation is expected to strengthen in the future.
India aims to achieve a 20% ethanol blending target by the next financial year.
Discounted Russian oil has helped maintain stable domestic prices.
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