India has been trying to become less dependent on the US dollar and lower its oil import costs by trading more with Russia in recent years. Trade between the two countries is supposed to reach $100 billion by 2030. However, after the war in Ukraine in 2022, the relationship changed, with India buying a lot more oil from Russia. Russia is benefiting from India’s trade imbalance because it saves money by buying cheaper oil from Russia but not exporting enough to balance the trade, which is currently at a deficit of $57 billion out of $66 billion in FY24.