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India's move to national currencies reflects global trend away from dollar — ambassador

"We have a bilateral mechanism to do this; it is used and is being improved on a going basis," Denis Alipov noted

NEW DELHI, March 20. /TASS/. India and Russia’s shift to payments in national currencies and New Delhi’s interest in continuing this practice with many other countries signal a general trend towards de-dollarization in international trade, Russian Ambassador in New Delhi Denis Alipov said in an interview with the Rossiya-24 television channel.

Russia and India have switched to using national currencies in mutual financial settlements, the ambassador noted. "We have a bilateral mechanism to do this; it is used and is being improved on a going basis," Alipov noted.

"A notable point at the current stage I would like to highlight is the desire and aspiration of India to change to payments in national currencies not merely with Russia but with other countries as well. This process, this trend has already been laid down and is only growing. India already has agreements with about a dozen countries," the Russian diplomat said. "The process of so-called ‘de-dollarization’ has already begun," he added.

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