India’s Deepening Deficit With Russia Is Discouraging Trade In Rupees ...Middle East

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India’s Deepening Deficit With Russia Is Discouraging Trade In Rupees
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The surge in India’s imports of crude oil from Russia has deepened its trade deficit with the latter and has rendered rupee trade pointless, Bloomberg has reported, citing unnamed sources. According to these sources, despite much talk about switching some bilateral trade to rupees, no payments have been initiated so far because Russian banks do not want to accumulate rupees. At the same time, the report notes that Moscow and New Delhi have been discussing an increase in Indian exports to Russia, for instance in electronics, so the idea of…

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