India in a double-edged situation..!?

Sowmiya Sriram
India in a double-edged situation..!?

Ukraine - Crude oil prices hit a historic high in previous weeks amid the Russian crisis. However, at present, the price is slightly lower. However, to date, the problem does not seem to be over. On the contrary, day by day the problem is getting worse. In this situation, various countries continue to impose various sanctions on Russia. In particular, russia has banned oil. As a result, Russia's major oil business has been hit hard. As part of this, it has been reported that it will supply crude oil to india at a discounted price.
India mostly imports and uses most of its oil. In this context, in the context of rising prices in the international market, it is expected that it will have a huge impact on India. russia, meanwhile, is said to be importing oil at a discount, which is certainly seen as a very good chance for India.
However, with many countries imposing sanctions on russia, buying oil from russia could become a problem for India. It has also been reported that while many Russian banks have banned the Swift service, russia is currently exploring the possibility of transferring money through imports through options including UPI and Faster Payment service (FPS).
It has also been reported that indian banks have been asked to work with the financial institution of the bank of russia to facilitate transactions between banks. Meanwhile, it has been reported that both parties are discussing the acceptance of Rupee cards and MIR cards for a fee. If russia bans banks from Swift, it will not stop our bilateral trade. The Russian government and the indian government are consulting on this. It is also expected that a social solution to the acceptance of the Rupee card and the MIR card will be reached soon.
While global networks, including Visa Card, MasterCard, and American Express, have banned russia, the Rupee card held at India's NPCI and the MIR card used in russia for local transactions is also used in Russia. It is said that the Russian government and india are planning to combine and exchange the two. However, no official announcement has been made.
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