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India Hopefully of Rupee Trade With Russia

OIL

India is hopeful that rupee trade with Russia will pick up in the future after the two sides recently spoke about facilitating trade in local currencies according to an Indian trade ministry official.

  • India has become Russia’s largest buyer of crude oil, taking advantage of discounted Urals flows.
  • The two countries are engaging "at all levels" to resolve issues related to trade barriers and a payments mechanisms, Satya Srinivas, a secretary at the trade ministry said.
  • Russia has been eager to move energy trade away from dollar denominated since sanctions were placed against it following the Ukraine invasion.
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