Yves here. This post provides a useful background on recent Russia-India dealings, how the Ukraine war disrupted them, and how they are getting on a new footing. As a finance person, perhaps I am putting too much weight on it, but India’s plans to accept the Russian Mir card looks to be an important step forward (not mentioned in this post but highlighted by Alexander Mercouris yesterday). He focused on that as India defying the prospect of US financial sanctions, which the US threatened to use against Turkiye after some of its banks started accepting them. The latest news I can find is that Turkiye’s banks indeed dropped them and are now working with Russia on a new payment mechanism.

The Mir card could be important to Russia-Turkiye dealings in that Russia is annoyed that India is running a large trade surplus with Russia. Not only is the rupee not

Keep reading this article on Naked Capitalism (Yves Smith) - Blog.

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