Russia Wants All India Trade in Rupee-Ruble, Not Dollar

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

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Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]