Amid Western Sanctions, India Explores Rupee-Ruble Mechanism for Trade with Russia
India is considering establishing a payment mechanism in local currencies to allow it to continue trade with Russia, which has been hit with Western sanctions in response to its invasion of Ukraine. New Delhi is proceeding with purchases of Russian crude at discounted prices despite pressure from the United States.
The state-run Indian Oil Corp. has concluded a deal to buy 3 million barrels of Russian crude, according to local media reports…
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SOURCE: VOA NEWS