The China-Yuan Challenge| Internationalisation of Rupee| InFocus| Drishti IAS English

In a strategic move to curb its burgeoning oil import bill and reduce dependence on the expensive US dollar, New Delhi aims to bolster bilateral trade with Moscow to $100 billion by 2030. However, the dynamics of India-Russia trade have been skewed since the onset of the Ukraine war in 2022. Russia has rapidly ascended to become India’s top oil supplier, but Indian exports to Russia have struggled, resulting in a $57 billion trade deficit in the bilateral trade worth $66 billion in FY24.

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