Western sanctions against Russia over its invasion of Ukraine have given a boost to China's efforts to internationalise its currency, with a dramatic increase in its use in commodity and energy trade with Russia

India last year implemented a broader framework to facilitate overseas trade in rupees through vostro accounts

Russia has been diverting oil exports from Europe to Asia as the US and its allies try to choke off its energy revenues to limit its ability to fund the Ukraine war

India sold crude products worth $588 million to the US in November after snapping up sanctioned Russian oil at deep discounts

The system is ready to be tested after exporters had an importers have opened new bank accounts to enable rupee trade.

The effective prices refiners pay could exceed the $60 per-barrel cap that came into effect on Monday

India is now Russia's biggest oil customer after China, as its refiners snap up discounted cargoes shunned by Western buyers

India’s fast-rising Russian oil imports are being matched by its rising oil exports suggesting it may be reselling Russia’s oil to the West.

India’s fast-rising Russian oil imports are being matched by its rising oil exports suggesting it may be reselling Russia’s oil...

The marine news publication Lloyd's List said an anonymous entity based in Dalian has bought several very large crude carriers to create the hub off the coast of Portugal

Reliance emerged as one of the key buyers of discounted Russian crude after some Western buyers shunned it following Moscow's invasion of Ukraine in late February

The US confidence in a price cap follows positive reaction by China and India to the plan, which would limit Moscow’s revenues over its aggression in Ukraine