It would be a major setback for Indian importers of cheap oil and coal from Russia. Read more at straitstimes.com.
NEW DELHI - India and Russia have suspended efforts to settle bilateral trade in rupees, after months of negotiations failed to convince Moscow to keep rupees in its coffers, two Indian government officials and a source with direct knowledge of the matter said.who were awaiting a permanent rupee payment mechanism to help lower currency conversion costs.
India started exploring a rupee settlement mechanism with Russia soon after the invasion of Ukraine in February last year.Most trade is in US dollars but an increasing amount is being carried out in other currencies like the UAE dirham. “We don’t want to push rupee settlement any more, that mechanism is just not working. India has tried everything we could to try and make this work but it hasn’t helped,” a third source who is directly aware of the developments said.
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