Western sanctions have created severe problems for Russia when selling oil to India due to Moscow's refusal to accept payment in rupees.
What is known about the impact of Western sanctions on oil trade between the Russian Federation and India
According to the journalists of the publication, after the start of the criminal invasion of the occupying Russian army in Ukraine, the introduction of Western sanctions and the refusal of the EU to buy Russian oil, India became the primary buyer.
However, after India insisted on paying for oil supplies in rupees in July of this year, and Russia refused, the oil trade between the countries practically stopped.
It is noted that Russian oil supplier companies cannot accept payment in rupees by the instructions of the Central Bank of the Russian Federation, which is inconvenient to conduct transactions with this currency.
One source at a Russian bank said earning income in a non-convertible currency that has little value outside India is pointless. According to another source, Russia has limited opportunities to spend rupees, as its imports from India are insignificant, the publication notes.
The authors of the material also emphasize that sometime in August, two major suppliers of Russian oil to India threatened to divert deliveries in the amount of 12 tankers to other destinations.
As a temporary solution to the problem associated with Indian transactions, the cargo was paid for in a combination of Chinese yuan and Hong Kong dollars.
What is known about the disappointing forecasts regarding the prospects for the sale of Russian oil
Journalists of the publication note that with the strengthening of export control by the USA and EU countries, Russia's problems with oil trade will only worsen.
Washington recently imposed the first sanctions in weeks against the owners of tankers that transport Russian oil at a price higher than the Western price limit.
