Sergei Lavrov, Head of the Ministry of Foreign Affairs of the Russian Federation, said that Moscow and New Delhi discussed the issue of mutual settlement in rupees, and the parties were considering how to convert Indian rupees belonging to the Russian Federation into another currency. It has been reported DEA News.
The billions of rupees accumulating in Indian bank accounts are the problem, the minister said. It must be used and the rupee must be converted to another currency.
Lavrov stressed that this issue is currently being discussed.
Previously, the New Indian Express newspaper, citing government officials, has so far reported that the authorities of India and Russia not suspended trade negotiations with the local national currency, the Indian rupee. However, both sides have a number of issues that need further discussion.
The Government of India authorized the use of the national currency in international trade agreements in November last year. This measure was explained by the need to promote exports within the framework of the Asian country’s foreign trade policy. However, on May 4, Reuters reported, citing sources, that Moscow and New Delhi could not agree on bilateral agreements in rupees.