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India is exploring a rupee-based payment mechanism for trade with Russia to avoid settling transactions in dollars, softening the impact of Western sanctions. The arrangement has been proposed as a workaround for the sanctions blow.
Settling Russian trade in rupees could keep Indian buyers active in Russian commodities such as sunflower oil and grain, limiting the loss of supply. It is a potential shift in trade flows rather than an immediate price shock.
reuters.comRajendra Jadhav, Nupur Anand, Aftab AhmedFeb 25, 2022Not enough comparable past events yet for a historical read.
After 38 past neutral geopolitics events, WHEAT moved a median +0.1% over 5 sessions (53% higher; middle half -1.6% to +1.5%), and +0.8% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
