India-Russia trade hits roadblock as Moscow wants ruble for its exports

Moscow is pushing for ruble payment for crude imports after Russia's energy major Gazprom signed a deal with China to start payments for gas supplies to China in yuan and rubles instead of dollars

Russian traders have started asking for payments in Ruble for their exports to India in a move that could derail trade between the two countries which gathered pace after the war in Europe. This is because Indian importers are unable to pay in Ruble for their imports.

India-Russia trade gathered pace after Vladimir Putin invaded Ukraine in February this year. In the April-June quarter, India’s imports from Russia were valued at $9.27 billion, up 369 per cent year on year. Crude oil comprised almost two-thirds of imports from the nation. Other major imported items from the country included coal, soybean