Russia wants India to pay for oil in USD?

Bloomberg reported, Moscow is said to have proposed a plan for India to pay for Russian oil in dollars or euros, and use the mechanism of calculating ruble – rupees for other goods.

The new mechanism is designed to allow more transactions in local currency as economic pressure mounts on Russia over its military activity in neighboring Ukraine, according to people with knowledge of the matter. Bloomberg quoted.

The proposals are said to have been discussed between Russian Central Bank officials and their Indian counterparts, with the participation of officials from the Finance Ministry.

On April 30, Indian Foreign Ministry spokesman Arindam Bagchi confirmed that an inter-ministerial group was looking into resolving issues related to the payment mechanism with Moscow to stabilize the country’s economic ties with Russia. .

India is among a number of major economies that have continued to trade with Russia since Russia began its military campaign in Ukraine despite Western pressures on New Delhi to shrink economic ties. economic and military with Moscow. So far, India has not publicly condemned the campaign.

According to Indian government data at the beginning of April, India’s imports from Russia increased to $8.69 billion in the first 11 months of fiscal year 2021-22, 58% higher than the total imports. $48 billion is recorded in the full fiscal year 2020-21. Meanwhile, exports of India to Russia increased to $3.18 billion in the period from April 2021 to February 2022 from $2.65 billion.