The Ministry of Foreign Affairs announced the refusal of Russia and India from settlements in euros and dollars
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Russia and India fundamentally refuse to use the euro and the dollar in mutual trade. About this “RIA Novosti” informed Director of the Second Department of the Ministry of Foreign Affairs Zamir Kabulov.
“We are fundamentally moving away from the dollar and the euro, we must switch to national currencies,” he said.
Kabulov clarified that for a full-fledged transition, it is necessary to solve the problem of imbalance in trade operations: India buys five times more from Russia than it sells. According to the diplomat, experts are currently looking for a compromise on this issue.
In April 2022, Russian President Vladimir Putin announced the need to prepare the market for the transition to settlements in national currencies. He explained that in this way any currency can be freely and in any amount exchanged for rubles.
In early November, the Government of India allowed international trade settlements in Indian rupees to promote exports. In September, The Economic Times reported that India would start trading with Russia in rupees, the Indian State Bank (SBI) agreed to facilitate trade deals with Russian partners in national currency.
In addition, in early December, at a meeting of the Supreme Eurasian Economic Council (SEEC), Putin said that work on the transition to settlements in national currencies had accelerated. At a meeting of the Council for Strategic Development and National Projects, he specified that the share of the ruble and the currencies of friendly countries in the international settlements of the Russian Federation in December exceeded 50%, and the volume of ruble transactions doubled over the year.
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