Amid the widening trade deficit with Russia; no payments in Rupee so far

Amid the widening trade deficit with Russia; no payments in Rupee so far.

Russia is now the biggest supplier of crude oil to India overtaking Iraq and Saudi Arabia. In December, the South Asian nation bought 1.2 million barrels of crude from Russia.

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India’s love for discounted Russian oil is widening its trade deficit with Moscow and the casualty is their much-touted rupee trade plan.

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The gap between their exports and imports is rising, making the local currency payment mechanism futile.

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