India denied the suspension of negotiations with Russia on trade in rupees
Russia and India continue negotiations on how to conduct bilateral trade in Indian rupees. Information about their suspension is not true, informs on Friday, May 5, TASS, citing The New Indian Express.
“There are questions about how Russia could use the surplus of rupees in the vostro accounts (special accounts in local currency. -” Profile “), but negotiations to iron out these differences are ongoing,” the Indian government said.
The day before, Reuters, citing sources, reported that Russia and India suspended negotiations on converting bilateral trade into rupees. One of the interlocutors of the publication said that the Russian side does not want it to accumulate more than 40 billion rupees, and this could happen due to an imbalance in trade. Another source added that Moscow would like to be paid in yuan or alternative currencies.
Settlements in trade between India and the Russian Federation are still carried out mainly in dollars, and some part in dirhams. In addition, third countries, including China, are also involved in the calculations.