India’s oil purchases from Russia have surged after the war, with the share of Russian oil in India’s total imports rising to 35% in the 2023-24 fiscal year, up from 23% in the previous year. According to energy cargo tracker Vortexa, the increase in oil imports from Russia is a result of New Delhi purchasing discounted crude. Additionally, Russian banking major Sberbank has reported a significant uptick in volumes for rupee-rouble payments for Moscow’s imports. Sberbank has become the main channel for such payments on Russian import operations, with volumes increasing by seven times in 2023 compared to 2022. This growth is attributed to the convenience and benefits of using rupee-rouble payments. Sberbank’s deputy chairman, Anatoly Popov, stated that more and more companies are taking advantage of this means of payment, recognizing its attractions. The Reserve Bank of India (RBI) announced new steps for rupee-settled global trades in July 2022, which included measures for invoicing, payment, and settlement of exports and imports in rupees. These steps were aimed at supporting the increasing interest in trading in rupees and boosting global acceptance of the Indian currency. The increase in oil imports from Russia and the growth in rupee-rouble payments indicate India’s efforts to diversify its sources of oil imports and strengthen economic ties with Russia. The rise in volumes for rupee-rouble payments also showcases the increasing interest of Russian importers in Indian goods and services. Sberbank supports this interest as it contributes to redressing the bilateral trade balance between the two countries. In April-October, India’s trade deficit with Russia was at $33.56 billion, according to official data. Sberbank has actively engaged in Indian business missions involving 2,500 companies from various sectors. These sectors include food, textiles, pharmaceuticals, building materials, auto parts, specialized vehicles, sports goods equipment, and packaging. The bank is ready to finance industrial companies seeking to establish production facilities in India. Sberbank is also expanding its technology profile by recruiting Indian IT specialists. The establishment of an IT unit in Bengaluru, India, is a step towards this goal. Popov mentioned that the bank plans to scale up the hub in Bengaluru and further develop its technological capabilities. Sberbank has also launched a new platform for automated processing of payments by legal entities to India, aiming to enable quicker payments for firms. The project will be scaled up in 2024 to cover a larger volume of payments and expanded to include operations by private individuals. Sberbank is already offering money transfers from Sberbank to accounts in India via its standard smartphone app. Overall, the increase in oil imports from Russia and the growth in rupee-rouble payments reflect the strengthening economic ties between India and Russia and the efforts to enhance bilateral trade and cooperation.