The Indian government is reportedly considering Moscow’s proposal to turn to the Russian payment system, which allows direct rupee-ruble transfers in #bilateraltrade.  The mechanism developed by the Russian central bank is expected to boost commerce between the two countries by avoiding dollar-denominated trade and allowing the world’s third-biggest oil consumer to continue purchases from Russia, bypassing Western sanctions.  

Indian authorities are actively considering dedicated #paymentmechanisms for trade with #Russia to enable existing trade obligations in the wake of #sanctions imposed on the #Kremlin, a move that will also pave the way for cheaper #oil imports to meet the country’s #energy demands.