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India: India set to bypass US dollar for trade with Russia

NEW DELHI, 29 March 2022, (TON): According to a top Indian trade official “a system that could allow the direct rupee to rouble payments could be launched this week, enabling trade between India and Russia.”

RT reported “a Sakthivel, President of the Federation of Indian Export Organisations (FIEO), recently told CNBC that the arrangement would pave the way for financial operations between the two countries as they bypass the US dollar.”

Moscow is currently barred from using the US currency in wake of US sanctions over the invasion of Ukraine.

The official further stated that the Indian government was working to enable up to five Indian banks to engage in the mechanism.

The move would essentially allow Indian exporters to continue business with Russia despite the US sanctions.

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