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Russia and India continue transition to settlements in national currencies — ambassador

Russian diplomat stressed the importantance of the use of the rupee in international settlements

NEW DELHI, September 14. /TASS/. Russia and India are actively switching to mutual settlements in national currencies, Russian ambassador to India Denis Alipov said in an interview with TASS in Wednesday.

"This process has been progressing steadily and for a long time - it started long before the special military operation, when they began to impose first sanctions against Russia. Strictly speaking, national currencies were widely used by us back in the days of Soviet-Indian relations. Now both sides are interested in adjustable settlement patterns which meet the needs of our cooperation in the long term," Alipov said.

He added that financial institutions and the banking community of the two countries are in constant professional dialogue for these purposes.

"It is important that the Indian leadership has begun to consistently encourage the use of the rupee in international settlements, including at the legislative level. This gives confidence to business, for which the current crisis opens up many opportunities related to Russia, including the prospects for expanding its presence in our market after the departure of Western companies. In other words, India is purposefully integrating into the trend of de-dollarization of the world economy," Alipov stressed.

"The general approach, however, remains quite flexible. The use of currencies of third countries is also allowed. We do not completely abandon the dollar and the euro - when, for example, it concerns entities engaged in foreign economic activities or goods that are not subject to sanctions," the Russian ambassador said.