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Settlements with India for weapon supplies are carried out in rubles, rupees

According to Alexander Mikheyev, Rosoboronexport has almost fully abandoned settlement in the US currency

MOSCOW, December 7. /TASS/. Russia and India have fully shifted to the mechanism of mutual settlements in national currencies in the area of weapon supplies, Chief Executive Officer of the state arms seller Rosoboronexport (part of Rostec state corporation) Alexander Mikheyev told reporters on Tuesday.

"Rosoboronexport has almost fully abandoned settlement in the US currency. As far as India is concerned, all mutual settlements are carried out in rubles and rupees," he said.

Rosoboronexport actively implements offset projects, which are also present in the contract documents signed on December 6. "This is normal current practice, one of the trends of the global market," CEO said.

An offset contract is a contract on purchase of goods for state needs with mutual investment commitments on production localization.

"We establish financial relations with our partners in national currencies, particularly in rubles. With this approach in hand, no risk of delays in payments emerge as we fulfill our contract commitments to our partners," Mikheyev explained.