Russian crude dominated the country’s growing exports to India as both nations devised alternative banking channels.
Russia n exports to India grew six-fold in just two years, from less than $10 billion in 2022 to over $61 billion in fiscal year 2024 ending in March. Photo: Reutersdespite wide-ranging sanctions by the US-led West on Moscow for attacking Ukraine two years ago.
“They have clearly worked out a very serious mechanism… The governments in both countries are not really coming out very clearly exactly how these transactions are taking place,” says Dr Gulshan Sachdeva, professor and Jean Monnet Chair at the Centre for European Studies in New Delhi. Yet, an Indian bank dealing with a US-sanctioned Russian entity faces a real risk of getting cast out of the global financial system with a single stroke of pen by a mid-level American bureaucrat.that only two “relatively low-profile” Indian banks— the public sector UCO Bank and IndusInd Bank in the private sector—are taking the biggest exposure to Russian trade.
But unlike the dollar that’s universally accepted as a medium of exchange, there are few takers of the Indian rupee outside of India. However, they are reportedly using a much larger part of their rupee holdings to invest in risk-free government securities in India instead of “keeping that money idle”.
He says a significant chunk of money that India is paying for Russian goods is actually in “other currencies” like China’s yuan and the UAE’s dirham.
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