Russia and India may soon move to settlements in national currency in the field of military-technical cooperation. Such a decision can be made due to the US administration unilaterally restrictive measures against Russia, complicating trade between countries with weapons and technologies, says the publication The Economic Times.
According to the publication, sanctions hinder financial transactions between Moscow and New Delhi in the Russian arms trade, and also complicates the repair work on a nuclear submarine “chakra”, leased to India by Russia. To date, payment delay is not less than 2 billion. dollars. In the words of an unnamed high-ranking source in the Ministry of Defense of India, the only way out of this situation will be the introduction of mutual settlements in national currencies, pegged to any international currency.
Currently no official confirmation of this information has yet been received, but this information is not new. Last time Russia and India discussed the transition to national currencies in mutual settlements in 2017 year, when after a meeting at the St. Petersburg Economic Forum, Russian President Vladimir Putin and Indian Prime Minister Modi Naredra adopted a joint declaration, which they said, they intend to “to coordinate efforts to implement a system of mutual settlements in national currencies in bilateral trade”
A total of consultations on this matter between the Russian Central Bank and the Reserve Bank of India, have been conducted since 2009 of the year
