Removal of the dollar from Russian and Indian exchanges

According to the report of the International Economic Reporter of Fars News Agency, quoted by Rashatudi, the Federation of Indian Export Organizations announced that in order to eliminate the dollar from bilateral trade exchanges as much as possible, the rupee-based exchange mechanism with Russia will soon begin. This is done after the Central Bank of India approves the implementation of this new payment mechanism.

Oh you ShaktiolThe secretary of this federation says: The Central Bank of India has entered into the issue of facilitating exchange with Russia on the basis of rupees, and some banks have also welcomed this issue.

He added: India has established a good payment mechanism with Iran based on rupees, and the same thing is going to happen with Moscow.

In July, the Central Bank of India asked the country’s banks to take more measures in using the rupee in import and export transactions. This action is aimed at reducing the rupee’s dependence on the dollar, and on the other hand, it is considered an incentive to strengthen trade exchanges with Moscow.

Shaktiol He says: conducting business transactions in rupees this year will increase the value of trade between Moscow and New Delhi to 5 billion dollars. Even now, Indian companies have started using Asian currencies to circumvent the sanctions against Russia.

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