India and Russia are discussing mutual settlements in rubles – Kommersant
[ad_1]
The governments of India and Russia are discussing the possibility of conducting mutual settlements in rubles, because there is a large imbalance in the trade turnover of the two countries towards the surplus of the Russian Federation, said RBC head of the Confederation of Indian Industry (CII) R. Dinesh.
CII is a non-governmental, non-profit organization with over 9,000 members from the private and public sectors in India. More than 300 thousand Indian enterprises and 286 national and regional industrial organizations are indirect members of the Confederation, follows from the information on site II.
“The imbalance in exports and imports in the context of Russia is a 100% reality. The sanctions have had an effect on him, as I said, there is a discussion between governments on how this can be resolved. A significant volume of trade is in rupees. Now we are looking for a mechanism for settlements in rubles,” Mr. Dinesh said at a meeting with journalists from the G20 countries.
According to the results of the first five months of 2023, the trade turnover between Russia and India made up $27.1 billion. The trade balance for the reporting period was more than $25.8 billion in favor of the Russian Federation. After the start of the Russian military operation in Ukraine and the subsequent Western sanctions, India and Russia began to study the mechanism of settlements in rupees, but a full transition to the Indian currency is complicated by a trade imbalance that makes settlements in rupees unprofitable for the Russian Federation. Most of the transactions between the two countries continued to be carried out in US dollars. Later Russian Foreign Minister Sergei Lavrov declaredthat the Russian Federation is discussing with India the question of how to convert the rupees belonging to Russia into another currency.
[ad_2]
Source link
