India Rejects Price Cap, Shuns the Dollar in Trade with Russia

India Rejects Price Cap, Shuns the Dollar in Trade with Russia
Russia is the world’s third largest oil producer, just behind the United States and Saudi Arabia. And Russia is now India’s biggest oil supplier. That wasn’t always the case.
India is buying Russian oil only at steep discounts. Why is that? Is India only buying Russian oil because Moscow is offering heavy discounts? And will India stop buying oil if the discounts are removed from the picture? That’s not the only development we’ll be looking at. India and Russia are all set to begin settling their trade using the Indian rupee. That’s a big step to de-dollarize trade between the two countries, and yet another push coming from Asia to weaken the dollar’s hold over global trade.

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India Russia | India | Russia | PM Narendra Modi | Vladimir Putin | Russian Oil | De-dollarisation | Indian Rupee Russia | India Russia trade | Latest News | Firstpost

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