Russia's crucial oil trade with India encounters challenges as the latter insists on paying for Russian oil in its national currency, the rupee, instead of the U.S. dollar. This shift, in response to Western sanctions, initially strained the deal as Russian oil suppliers resisted accepting the rupee. To overcome the impasse, both parties agreed to use intermediary currencies for transactions. The lack of a viable alternative to the dollar poses a broader issue for Russia in its oil trade with other nations, including Africa, China, and Turkey. India, a significant buyer, has been purchasing over 60% of Russia's seaborne oil, solidifying its role as the second-largest buyer of Russian seaborne crude after China. Despite these challenges, overall trade between Russia and India has seen significant growth in 2023, reaching a record high of almost $44 billion in the first eight months.

SOURCE: GOOGLE