✅ Russia Aims To Activate Another Ally| India-Russia Explore a Rupee-Ruble Payment Network | TPTS
Rethinking the Dollar
English - April 05, 2022 01:57 - 39 minutes - 36.6 MB - ★★★★ - 22 ratingsNews Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
The Indian government is reportedly considering Moscow’s proposal to turn to the Russian payment system, which allows direct rupee-ruble transfers in #bilateraltrade. The mechanism developed by the Russian central bank is expected to boost commerce between the two countries by avoiding dollar-denominated trade and allowing the world’s third-biggest oil consumer to continue purchases from Russia, bypassing Western sanctions.
#Indian authorities are actively considering dedicated #paymentmechanisms 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.