BLUFIn response to the invasion of Ukraine, sanctions have resulted in Russian banks being largely cut off from Western payment systems. Consequently, Moscow is struggling to convert foreign currencies.
- Moscow's invasion of Ukraine triggered sanctions, forcing Russia to offer crude at discounted rates. India became a major buyer.
- Indian importers have been paying for Russian oil in rupees, but currency restrictions are causing issues for Russian entities.
- Uncertainties over payment mechanisms have also hurt defence imports between the two countries.
- Why India, China's Bitter Foe, Won't Become a U.S. Ally | The Runway (airforce.gov.au)
- MAY 2023 Exclusive: India, Russia suspend negotiations to settle trade in rupees—Reuters
- MAY 2023 India, Russia Halt Rupee Trade Talks, Moscow Prefers Yuan—Asia Financial
- Article Source: News and current affairs from Germany and around the world – DW
- Media Check: DW - Media Bias Fact Check (mediabiasfactcheck.com) MBFC Credibility Rating: HIGH CREDIBILITY
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