Russia and India are taking big steps to rely less on the U.S. dollar for their trade deals. Now, almost 90% of their trade is done in their own currencies or other alternative currencies, which is a huge change from how things used to be. This shift has come as both countries look to deepen their partnership and work around the economic hurdles caused by Western sanctions.

A Growing Trade Partnership

This new approach has paid off: over the last five years, trade between Russia and I...