News and Opinion: March 20, 2022. India and Russia May Start Trading Oil in Rubles and Rupees

Currently most of the world's oil trade is done in US dollars. Due to the recent sanctions imposed on Russia by the Western world, Russia does not have easy access to US dollars.

India imports its oil. It has the opportunity to obtain it at a discount from Russia, however, this can only happen is the US dollar is bypassed. There are issues that would need to be resolved first.

• The convertibility rate between rupees and rubles.
• The minimal use of rupees and rubles in the international markets.
• The risk of India getting sanctioned by the Western world if it helps Russia bypass sanctions.

For more information, please read the following article

This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.