A mechanism allowing the switch to domestic currencies is expected to be operational this week.

A system allowing direct rupee-ruble payments in trade between Russia and India could be launched this week, the president of the Federation of Indian Export Organizations (FIEO), A Sakthivel, told CNBC on Wednesday. The arrangement would allow India and Russia to carry out financial operations bypassing the US dollar. Russia is effectively blocked from using US currency due to Western sanctions over the conflict in Ukraine.

According to the official, the Indian government is working on a proposal to allow up to five nationalized Indian banks to be engaged in the rupee-ruble trade mechanism, and discussions between the central bank governor, the finance minister, and the banks on the matter have already been held. The arrangement would let Indian exporters continue doing business with Russia despite sanctions banning, among other things, international payment mechanisms in the country, such as SWIFT. It would also let India continue buying Russian energy exports and other goods.

According to Sakthivel, the Indian economy could profit from sanctions Russia is facing, as they give Indian exporters an opportunity to expand on the Russian market.

Export to Russia is not much, only in agriculture and pharmacy products. Now that the whole of the West is banning Russia, there will be a lot of opportunities for Indian firms to enter Russia,” he stated.

India’s finance ministry and the Reserve Bank of India have not yet commented on the new trade arrangement.

Unlike the US and the EU, India has not criticized Russia over its military operation in Ukraine, and has abstained from condemning Moscow during the recent UN voting rounds. When asked whether India’s continued commerce with Russia would draw Western ire, Sakthivel said his country had taken a “neutral stand” on the situation in Ukraine.

“The government will take into account all the factors. The government is playing it very carefully,” he stressed.

India exported $3.3 billion worth of goods to Russia in 2021, mostly pharmaceutical products, tea, and coffee. In terms of imports, India bought $6.9 billion worth of Russian products, including arms and defense goods, mineral resources, fertilizers, metals, diamonds and other precious stones. India also imports Russian oil, with recent media reports stating that the country’s major refiner, Indian Oil Corp, has stepped up purchases of Russian crude over the past month. India is also reportedly considering buying raw materials from Russia and Belarus for fertilizer production amid skyrocketing commodities’ prices.


https://www rt com/business/552531-india-russia-ruble-trade-deal/

They'll hate this move

Nvestor02:
American dollars will fall in no time.... This is a welcome development.. Many countries has been waking up from the slavery that America put them in.

Saudi is planning to stop using dollar in Fuel trade with china while the India is also planning to stop the involving of dollar with Russia.

Anyway, I love to see US in problems

it’s about time bro…. This movie will be long

Vicotex:
They'll hate this move

they can’t do sh1t, India no be Uk

Hahahahaha

Putin Fan Bots do not fail to amaze me

The biggest market in the world is USA and EU

Only them have the money to pump into an economy

hehehe

he is calling Indians to enter Russia for business, with which money?

by the way, RT news is like Putin's twitter handle

https://www.youtube.com/watch?v=a0mEon5BtIE

India Announces Ruble/Rupee Trade Agreement With Russia

A rupee-ruble trade will allow the two countries to trade directly without first using a currency like the US dollar for fair value

Horus:

https://www.youtube.com/watch?v=a0mEon5BtIE

India Announces Ruble/Rupee Trade Agreement With Russia

A rupee-ruble trade will allow the two countries to trade directly without first using a currency like the US dollar for fair value

to that jobless troll above your comment, i guess this wan na Putin handle too….

Ride on bro….You’re doing well

Teaser4:
to that jobless troll above your comment, i guess this wan na Putin handle too….

Ride on bro….You’re doing well

First, I never doubted the news

Secondly, I wouldn’t trust BBC if the news is about UK same way i won’t trust RT if the news about Russia

I mentioned it cos that’s mostly where you lift your news from

sapientia:


First, I never doubted the news

Secondly, I wouldn’t trust BBC if the news is about UK same way i won’t trust RT if the news about Russia

I mentioned it cos that’s mostly where you lift your news from

if you want to counter a news source you can simply do your own research, I don’t spread false news, I do my research before i post something here, no one Dey pay me to post , besides it’s not for everyone, information is free, no matter how much dem censure it, you always find if you seek

Teaser4:
if you want to counter a news source you can simply do your own research, I don’t spread false news, I do my research before i post something here, no one Dey pay me to post , besides it’s not for everyone, information is free, no matter how much dem censure it, you always find if you seek

So you ain't denying RT is your main source of news abi

Like I said

RT is Putin's Twitter handle

Do better

sapientia:


So you ain't denying RT is your main source of news abi

Like I said

RT is Putin's Twitter handle

Do better

what’s there to deny, I’ll rather read news from RT, Sputniknews and southfront than believe any crap from cnn or any other western media outlets…. I repeat I don’t spread fake news, most of the news from RT get video backups, I also follow Russia MOd with 24hrs video back up…. Most of the news from the west na FAKE news, from dailymail to cnn, someone go just wake up and type nonsense with zero or doctored videos … I don’t care if you believe or not, that’s none of business, stick to what you believe, trust me I no Dey try convince you…

I do not live in Nigeria, so.. cnn, bbc, euronews, Aljazeera … I watch for fun not seriously ,

Shallom

Teaser4:
what’s there to deny, I’ll rather read news from RT, Sputniknews and southfront than believe any crap from cnn or any other western media outlets…. I repeat I don’t spread fake news, most of the news from RT get video backups, I also follow Russia MOd with 24hrs video back up…. Most of the news from the west na FAKE news, from dailymail to cnn, someone go just wake up and type nonsense with zero or doctored videos … I don’t care if you believe or not, that’s none of business, stick to what you believe, trust me I no Dey try convince you…

I do not live in Nigeria, so.. cnn, bbc, euronews, Aljazeera … I watch for fun not seriously ,

Shallom

Wait, but this news was first aired by western news

You will believe Russia MOD by default and any other news even if it's from Ukraine MOD is false abi

As for this war, I will not believe any news from RT till I see it in western news

sapientia:


Wait, but this news was first aired by western news

You will believe Russia MOD by default and any other news even if it's from Ukraine MOD is false abi

As for this war, I will not believe any news from RT till I see it in western news

bro, Russian MoD news comes with video back up, not doctored videos real ones… as I said earlier I’m not trying to convince you… you’re entitled to your opinion… shalom brother

Stop reading Russian Propaganda.