New Delhi: Russia, which is facing sanctions due to the war with Ukraine, has made an offer to India to pay for imported goods. The Government of India is considering this proposal. Due to the closure of payments in dollars, the central bank of Russia has developed a system of payment. India mainly imports crude oil and weapons from Russia. Apart from this, due to the supply disruption from Ukraine, this month, India has made a big deal of sunflower oil from Russia.
According to the information received from the sources, using Russia’s messaging system SPFS, India can pay in Rupee-Ruble. However, so far the Government of India has not taken any decision on this proposal. Russian Foreign Minister Sergei Lavrov is coming on a two-day visit to India on Thursday. During this time this proposal is expected to be considered. In return, the hope of India getting crude oil from Russia at a low price cannot be ruled out. If this happens then it will be a big relief for India.
This system in Russia will work like this
Sources said that under this proposal, the Russian currency ruble will be deposited in Indian banks and it will be converted into an Indian currency rupee. Similarly, payment will be made by converting Rupee to Ruble. Apart from this, Russia wants to connect the cards issued by Indian and Russian banks with the MIR payments system.
Russian officials will come to India
According to sources, this proposal will be discussed in detail with the officials of the central bank of Russia. For this, officials of the central bank of Russia can come to India next week. Due to the dependence of the Indian Army on Russian weapons and rising international prices, India is keen to buy cheaper oil from Russia. Despite international sanctions on Russia, India wants to continue bilateral trade in the hope of cheap oil. At the same time, it has told other Western countries including America that due to China’s military aggression, it is necessary for India to continue buying weapons from Russia.
If India accepts this offer of Russia, then it will not only save India’s foreign exchange but will strengthen the Indian currency further.
