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Date: 07/11/2024

India, Russia accelerating rupee-ruble trade mechanism

India and Russia are accelerating efforts to establish a rupee-ruble trade mechanism, aiming to reduce reliance on the US dollar amid growing global financial complexities. The two nations are working to create a direct payment system in their respective currencies, a step that could redefine their trade relationship by fostering greater financial independence. However, Indian banks’ caution in handling transactions with Russia, influenced by US scrutiny and sanctions threats, remains a major challenge. While the lack of a direct rupee-ruble exchange mechanism is an issue, Russian Ambassador Mr Denis Alipov clarified that the main obstacle is the over-cautiousness of Indian banks. As India and Russia gear up for an inter-governmental dialogue in November, both nations remain committed to advancing financial cooperation even as they face external challenges. By pursuing a rupee-ruble mechanism, India and Russia seek to secure a more independent trade relationship and a stronger foothold in the evolving global financial landscape, as per a report.
 
Source: Exim News Service: New Delhi, Nov. 6



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