When the Ukraine battle began, crude oil costs jumped. Many nations, together with India, began importing from Russia as its crude was cheaper. Now, Russia is one in every of India’s prime crude suppliers. It was thought-about to be a win-win scenario for each nations as India may get crude oil at a lower cost and Russian had entry to the Indian market. Nonetheless, points are creeping up. Funds has grow to be a giant drawback as Russia is beneath strict Western sanctions. Each nations are exploring options to the cost drawback. They deviced the Rupee- Ruble cost mechanism, however that didn’t take off. So what subsequent?
Richa Mishra explains on this episode of Energonomics.
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