Complications threaten Russian oil trade with India amid global sanctions – Attaqa

This week’s Attaqa article delves into the evolving trade dynamics between Russia and India, spotlighting the continued trade of Sokol crude oil amidst shifting global economic landscapes. With India’s strategic move to bypass the US dollar in oil transactions, this partnership not only challenges conventional trade mechanisms but also signals a potential reconfiguration of international trade relations. The use of the Indian rupee, a non-convertible currency, in these transactions underscores both countries’ commitment to maintaining and expanding their trade ties, despite minimal exports from India to Russia and the backdrop of international sanctions against Russia. This insightful analysis explores the broader implications of these developments for global trade norms and currency usage, suggesting that the Russia-India oil trade could set a precedent for other nations seeking to diversify their economic strategies and reduce reliance on dominant currencies. As part of Attaqa’s weekly series, this article offers a compelling glimpse into how nations navigate economic partnerships and the complexities of the global trade environment in an increasingly multipolar world.

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