Russia seeks to push trade in national currencies | India News

Russia on Friday sought to promote a rupee payment mechanism, indicating it wants to transact in the national currency with India and other trading partners to overcome challenges posed by sanctions. of the West.
Asked about the discussion of the rupee mechanism in his dialogue with the foreign minister S JaishankarRussian Foreign Minister Sergey Lavrov said that a deal was struck for trade with countries like India and China years ago and that efforts to bypass Western payment systems would now intensify.
“We don’t want to depend on a system that can shut down at any time and we don’t want to depend on a system where owners can steal your money overnight,” he said.
India and Russia entered into a dialogue on the payment mechanism as some exporters still have payments on hold after Russia rejected the SWIFT payment mechanism. Russia is promoting its own platform positioned as an alternative to SWIFT.
Under the proposed mechanism, Russian and Indian banks are identified that will process payments to merchants of both sides.
This mechanism is considered crucial for dealing with items not yet subject to global sanctions, including food and pharmaceuticals, although immediate use is seen as in the case of India. Purchase of oil and debt related to defense equipment.
Foreign Minister Lavrov said Russia is committed to maintaining the flow of trade with India despite the sanctions regime.
“Not yesterday but for many years we have been dealing with Western sanctions and we have experience in how to live in these conditions and we are fine and our partners,” he said. We’re fine too.”

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