India’s love for discounted Russian oil is widening its trade deficit with Moscow and the casualty is its much-touted rupee trade plan, reported news agency Bloomberg on Tuesday.
Cheap oil
India’s imports from Russia in eight months to November were almost 16 times its shipments to the nation, trade ministry data show. Russia’s invasion of Ukraine, which invited US-led sanctions, germinated the idea of rupee trade as India boosted its purchases of cheap oil from Moscow to contain a rising import bill amid high commodity prices.
