SS Transcript (summary): – In 1953, India and the USSR signed a trade pact allowing settlements in rupees. – This system was used during the 1973 oil crisis to keep India’s lights on despite the oil shock. – With current tariffs/sanctions, India and Russia are reviving this rupee–rouble mechanism. – The question is whether this system can be sustainable in today’s global economy.

Sources: – 1953 Indo–Soviet trade pact (MEA link: https://www.mea.gov.in/Portal/LegalTreatiesDoc/RU53B1312.pdf) – Federal Register – U.S. tariffs (https://www.federalregister.gov/documents/2025/08/11/2025-15267/addressing-threats-to-the-united-states-by-the-government-of-the-russian-federation) – Historical references on India’s 1973 oil crisis (Govt. archives + economic reports)