But trading in alternative currencies like the Indian rupee and the Chinese yuan has its own issues. Russia's oil trade best exemplifies the problems it has with alternative currency trade, as it accounts for about a quarter of Russia's budget. AdvertisementThe international oil trade is typically denominated in the dollar, but due to sanctions, less than 10% of Russia's daily oil trade is sold in the dollar and the euro, five traders told Reuters on Monday. Risks and complications of alternative currenciesRussia's oil trade with India is particularly problematic. To be able to buy Russian oil, India insisted on settling trades in the rupee earlier this year.

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Persons: —, hasn't, Vladimir Putin, It's, Sergey Ivanov Organizations: Service, Reuters, United, United Arab Emirates Locations: Russia, Ukraine, Europe, India, China, Africa, Turkey, Delhi, Beijing, United Arab, UAE, Russian