Western media sources reported that Russia had offered India an offer that included the purchase of crude oil and other commodities, provided that payment would be made in rubles.
According to the sources, Indian officials said that their country is considering buying Russian oil commodities at a reduced price, and that New Delhi is working on setting up a mechanism to facilitate trade with Russia using local currencies.
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Before making the final decision, the sources said that the Indian government was discussing how the trade could be settled in rubles and rupees, as Indian exporters await payments of about $500 million stuck after sanctions on Russian banks.
According to the sources, the central bank is being consulted as well as commercial lenders including State Bank of India and UCO Bank Ltd.
The latest data shows that the bilateral trade volume between India and Russia has reached $10.8 billion, which is less than 1.5 percent of India’s total trade.
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According to the news, under the proposed mechanism, the ruble can be deposited in an Indian bank after converting it to the rupee and vice versa, while there are some concerns about how the currencies will be linked, as well as about ways to balance trade, because India is a net importer of Russian goods, which include defense equipment .
The sources say that New Delhi is preparing a list of items that it can export to Russia to narrow the trade deficit of about five billion dollars that it is currently experiencing.
As it contemplates making crude oil payments in rupees, India wants a floating exchange rate, rather than a fixed rate the two countries have used for three decades, given the ruble’s collapse in recent weeks.
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denial and affirmation
This came in conjunction with the denial of the Russian embassy in Washington threats to confiscate Western assets and arrest senior businessmen in Russia.
On the other hand, the Russian Finance Minister said that the Chinese yuan constitutes part of Russia’s foreign currency reserves and stressed that his country is determined to use those reserves.
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Anton Siluanov said that Western countries have frozen $300 billion of our money so far with the aim of bringing down the financial system in Russia..But they have undoubtedly failed.
The Russian Finance Minister said that we will not default on debts, but we will pay them in rubles, and Russian Finance Minister Anton Siluanov announced that the volume of gold and foreign exchange reserves of the Russian Central Bank, which was frozen due to Western sanctions, is about 300 billion dollars.
Russian Finance Minister Anton Siluanov said that sanctions against Russia will later hit all those who took the decisions to impose these economic restrictions.