India has started accelerating de-dollarization through its non-dollar-denominated energy deals with Russia, who has since become their largest supplier over the past year, and now provides a whopping 35% of the country’s needs, which is also the world’s third-largest oil importer and fifth-largest economy. Their new energy ties, and particularly the growing de-dollarization dimension of their deals, are thus globally important.
They are not driven by any anti-American animus on their part since everything is purely motivated by the pursuit of their country’s objective national interests. Delhi had no choice but to gradually diversify away from dollar-denominated energy deals with Moscow due to Washington’s illegal sanctions. Its multipolar leadership wasn’t going to let the world’s most populous country slip into an economic crisis just to please the US by eschewing the import of discounted oil from Russia.
By defying American pressure upon it to unilaterally concede on those aforementioned objective national interests, India’s economy ended up growing at twice the pace of China’s, which contributed to catapulting that country to the forefront of the global systemic transition to multipolarity. Amidst the impending trifurcation of International Relations, India is now poised to de facto lead the Global South in helping fellow developing countries balance between the Golden Billion and the Sino-Russo Entente.
Had India complied with the US’ illegal sanctions, then the New York Times wouldn’t have recently admitted that those restrictions failed just like the West’s efforts to “isolate” Russia did as well. It was largely due to the South Asian Great Power’s truly independent grand strategy that this latest phase of the New Cold War didn’t decisively end in the Golden Billion’s victory over Russia and the restoration of unipolarity, which would have been detrimental to India and every other developing country’s interests.