Wednesday, April 17, 2024

Russian Central Bank to meet RBI for Rupee-Ruble payment mechanism

A team of specialists from the Russian Central Bank will meet their Indian counterparts from the Reserve Bank of India (RBI) this week to discuss rupee-ruble payment systems for future purchases. 

With the West mounting its economic sanctions, Moscow has been pushing countries to switch to ruble transactions.

President Vladimir Putin has been demanding that gas contracts with several ‘unfriendly nations’ be settled in rubles rather than in foreign currencies. 

The leader has argued that foreign currencies like the dollar and euro were ‘compromised’ due to sanctions on the country’s foreign reserves. 

With the world freezing Russia’s holdings of foreign currency in overseas banks, the country is attempting to salvage its economy by leveraging its energy reserves. 

It is pertinent to mention here that Indian oil companies are currently purchasing a high amount of Russian oil at discounted prices amid global sanctions. 

Earlier on March 11, Russian Deputy PM Alexander Novak spoke to Union Petroleum and Natural Gas Minister Hardeep Singh Puri during which he invited Indian investment in its oil and gas sector. 

As per reports, Novak underlined how Russia’s oil and petroleum exports had reached close to a billion dollars, and stated that there was a clear opportunity to increase this figure.

Meanwhile, the Russian Central Bank specialists are likely to accompany Foreign Minister Sergey Lavrov who will be visiting New Delhi soon. The dates of the visit are expected to be finalised once India’s Foreign Minister, S Jaishankar, returns from his visit to Sri Lanka and the Maldives.

Sources have also revealed that apart from discussions on the rupee-rouble payment systems, New Delhi will also be looking for assurances from Moscow on the timely delivery of components for systems in use and of the deals underway, including S-400 anti-missile system and Ak-203 assault rifles.

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