"India's Shift from Russian to U.S. Oil Impacts Global Markets"

Russia's oil industry is feeling the impact of intensified Western sanctions, with global banks turning away from doing business with the country and hindering cross-border payments. Despite efforts to pivot to alternative markets like India and China, Russian banks and companies are facing difficulties in conducting cross-border payments due to the sanctions. Governor of the Bank of Russia, Elvira Nabiullina, acknowledged the challenges and stated that they are exploring new methods to make payments with other countries.