After the attack on Ukraine, the US and European countries imposed various sanctions on Russia. These sanctions also include the US closing Russian oil imports. Not only this but America has also been seen indirectly pressurizing many other countries to stop importing Russian oil. It has also excluded Russia from the global payment system Swift. But, despite this, the US, which considers itself a 'superpower', may now feel 'helpless' ahead of India, as India is looking for a new payment mechanism to get oil from Russia.
News agency PTI, quoting sources, reported that 'India is now considering rupee-ruble payment for importing oil from Russia.' This is because sanctions imposed on Russia have expanded the scope of payment mechanisms in local currencies from a means of sustaining ongoing trade to the possibilities of deeper engagement, including enhancing bilateral trade. "We have heard that ruble payment is being done by Europe. India had an earlier rupee-ruble payment structure. I don't think we have reached any decision yet. There is some discussion going on," the sources said.
Any payment mechanism involving rupee-ruble payments for imports and exports would help trade despite macroeconomic sanctions imposed on Russia by Western countries. This would allow a trade to escape sanctions that have included freezing the personal accounts of several key Kremlin officials and removing Russian banks from the international payment gateway SWIFT. "We already have a mechanism in place. We will have to see whether the existing system is workable in the current global situation. We are exploring it and some other related things," the sources said.
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