In the past few years, India has become one of the biggest buyers of Russian oil. This started when the West imposed sanctions on Russia after the invasion of Ukraine in 2022. With Western companies pulling out, Russia needed a new market for its oil, and India stepped in. But now, things are changing, and many traders are backing out of these oil deals. Why? The reason lies in Russia's soaring interest rates and the rising costs to fund these trades.

How India Became a Key Buyer of Russ...