Amidst the economic sanctions imposed on Russia after the war with Ukraine, a system of transactions in Indian currency rupee and Russian currency ruble can be made soon. According to information received through sources, the complications regarding the new arrangement between the two countries have been resolved to a great extent and it can be announced soon.
business in its issue instead of the dollar
According to an official related to the matter, the government is keeping a close watch on the war between the two countries. The Government of India can announce it as soon as it appears to be heading towards a turning point. An agreement has to be made between the Reserve Bank of India and the Russian State Development Bank for this payment system.
Reserve Bank imposed a fine of five lakh rupees on three banks
This platform could be on the lines of SWIFT and from a long-term perspective, it could include many other countries that would like to trade in their issue instead of the dollar. Meanwhile, Russian importers have started sending inventory of their goods to Indian traders so that the supply of goods can be faster once the new payment system is rolled out.
long list from russia
A long list of everyday items, including food items, has been sent by Russia to Indian businessmen. In these, demand has been made for the supply of most processed food including tea, coffee. At the same time, apart from readymade garments, a list of things like footwear has also been sent to Indian exporters.
Russia pulled out of SWIFT payment system
After the war between the two countries, the Western countries had banned Russia, after which it is out of the SWIFT payment system. Since being out of it, Russia is facing the difficulty of payment from other countries to buy the goods it needs. As soon as the payment system is created between India and Russia, the supply of goods will be easy from here.