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    Why is internationalisation of rupee not gaining currency? Lessons from the India-Russia oil trade deal

    Synopsis

    The rupee-rouble settlement mechanism drawn up after the invasion of Ukraine shows the barriers in India’s plan to make the INR a globally accepted medium of exchange.

    The US-led sanctions against Moscow gave India a window to buy cheap crude oil from Russia and also make the rupee more acceptable for global trade. While New Delhi was successful with the first goal, it has not been able to score with the second one.As India emerged a leading buyer of Russian oil in the past 12 months, it started making payments in the rupee. The sanctions imposed by the US for Russia’s invasion of Ukraine in February 2022 were
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    The Economic Times