India-Russia explore a rupee-rouble payment scheme to bypass war
2 years, 8 months ago

India-Russia explore a rupee-rouble payment scheme to bypass war

Al Jazeera  

If this mechanism picks up, it could also open a window for Indian exporters to ramp up sales to Russia. Mumbai, India–Indian authorities are actively considering dedicated payment mechanisms for trade with Russia to enable existing trade obligations in the wake of sanctions imposed on the Kremlin, a move that will also pave the way for cheaper oil imports to meet the country’s energy demands. For the rupee-rouble mechanism to be implemented, Indian importers would pay for goods to the accounts of Russian banks in India and they in turn would make the payment in roubles to the Russian exporters. Currently, India’s trade with Russia is largely skewed towards imports — which is why the country maintains a substantial trade deficit. Then, even if the two countries were to agree on a rate of exchange, the trade deficit will still be largely skewed towards Indian imports from Russia, especially with oil imports going up.

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