Russia is looking to settle all its trade with India in rupees and rubles to boost “stability” for its companies and eliminate “losses” incurred from using dollars and euros, according to a report by Indian web news portal Firstpost.
The comments, made by Russia’s head of the department for external economic and international relations, Sergey Cheryomin, came at a time when increasing oil deals between the two countries have already begun to corrode the US dollar’s long-running dominance in energy trade.
They also came on the heels of latest trade data, reported by the Economic Times, that showed bilateral trade between India and Russia reached $38.4 billion in 2022.
Read the full report: Firstpost
China Settles First LNG Trade in Yuan in Latest Hit to Dollar
China and Brazil Agree to Dump Dollar for Trade – AFP
India-Russia Oil Deals Erode Dollar’s Currency Dominance
India Using SWIFT Payment System For Dollar Trade With Russia