India shouldn’t fall for rupees-for-rubles deal

New avenue: Shipping containers are seen loading imported products onto trucks at the Jawaharlal Nehru Port. India may test the West’s tolerance if it agrees to rupee-ruble trade using Russia’s communication channel SPFS to move funds. — Bloomberg

INDIA wants to go on trading with Russia for reasons that are more practical than to swipe at the West. For one thing, New Delhi relies heavily on Moscow for defence procurement, a dependency that will be hard to shed overnight with new suppliers.

For another, Russia is reportedly offering India a US$35 (RM147.35) discount per barrel on the pre-war price of flagship Urals grade oil. Cheap energy imports can help prime minister Narendra Modi put a lid on rising domestic discontent with high pump prices.

Start your ads-free experience now!

Monthly Plan


Annual Plan


Billed as RM148.00/year

1 month

Free Trial

For new subscribers only

Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

Waz Lian founder Tan Sri Ta Kin Yan passes away at 72
Oil posts weekly gain on solid 2024 demand outlook
Prabowo aims to raise Indonesia debt-to-GDP ratio toward 50%
Laundry Care ventures into linen rental business
Oriental Kopi files for Bursa IPO
BHIC wins RM1bil govt job
MI Technovation prepares for chip recovery
Local furniture export outlook hinges on US housing market
Luxury labels slash prices to attract wary shoppers
Delay in rate cuts but bonds rally

Others Also Read