Billions in Russian oil sale profits are stuck in Indian banks, marking a blow to President Vladimir Putin’s attempts to stop using the U.S. dollar for trade.

Commodities such as oil, gold and wheat are typically traded around the globe in U.S. dollars, the world’s reserve currency.

However Russia’s financial system was essentially isolated by Western sanctions imposed after Putin’s invasion of Ukraine, making his country unable to make transactions in greenbacks, thus limiting trade.

  • lovesickoyster@lemmy.world
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    1 year ago

    I had to find these myself because this propaganda-sphere only shares things favorable of Ukraine.

    when there’s no data to prove otherwise it’s usually because it does not exist.