Russia is trying to abandon the dollar in trade with various countries against the backdrop of harsh Western sanctions. One of these countries is India. But there are risks of switching from dollar to rupee in Russia's trade with India. The Indian currency has depreciated by 10 percent against the dollar. Russia exports more to India, and imports less from this country. This means that more rupees will flow into Russia. What will Russia do with this money? Balancing trade between the two countries is difficult.
Nevertheless, Russian banks opened accounts in Indian banks in rupees. Russia increased oil sales to India. Since Russia cannot sell oil to Western countries, it sells oil to India at a low price. India is one of the fastest growing countries in the world economically. India's need for oil has increased. In addition to Russia, India also buys oil from Saudi Arabia, Iraq and the United States. Russia is trying to overtake these countries in oil sales to India. For example, in November of this year, 40 percent of the oil sold by Russia to foreign countries fell to India. 15 percent of Russian oil was sold to Turkey and 5 percent to China.
Russian economic experts have expressed their opinion about the risks of selling more oil to India. The switch to the rupee in trade creates a surplus for Russia. Russian exports to India exceed imports from this country 10 times. In 2021, the volume of trade between Russia and India was 13.5 billion dollars. This year, the volume of trade exchange has increased even more. In order to sell more oil to India, Russia has offered to jointly manufacture tankers with this country.
In his last meeting with his Indian counterpart Subramayan Jayshankar in Moscow, Russian Foreign Minister Sergey Lavrov expressed the importance of increasing trade between the two countries to 30 billion dollars. Moscow is also trying to expand cooperation with Delhi in the military and technical field.
Nevertheless, Delhi is worried about Russia's war of aggression in Ukraine. For example, according to some news agencies, Indian Prime Minister Nadendra Modi postponed his meeting with Russian President Vladimir Putin. According to Bloomberg, the reason for the postponement of the meeting is related to the war in Ukraine. Delhi was dissatisfied with the statements of Russian officials about the use of nuclear weapons. For this reason, the Russian-Indian summit did not take place.
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