India was afraid to switch to trade with Russia in national currencies
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India is in no hurry to switch to trade with Russia in national currencies, including due to fears of US sanctions and an imbalance in trade with Russia. This is reported by the newspaper Economic Times.
According to the publication, Indian oil refiners will continue to pay in dollars through regular banking channels for the time being. At the same time, an alternative option, which was developed by the Reserve Bank of India and provided for the transition of trade to rupees, has not yet gained momentum.
The newspaper’s interlocutors also noted that Indian exports to Russia are much less than imports, leaving suppliers with too many rupees. At the same time, the growth of Russian oil imports increased the trade imbalance.
At the same time, Indian creditors fear that switching to trade with Russia in rupees could lead to US sanctions.
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