India’s currency clash threatens major Russian oil routes | World Business Watch
We delve into the high-stakes world of global oil trade, where Russia faces a formidable challenge in one of its most lucrative routes. The decades-long dominance of the U.S. Dollar in international oil transactions is now under scrutiny due to political hurdles and the complexities of currency conversion. India, asserting its position as a major buyer, insisted on paying for oil in rupees. This demand collided with informal guidance from the russian central bank, signalling non-acceptance of the currency. The consequence? Nearly derailing trading activities.
#russia #oiltrade #wion
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