March 21, 2023

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Russia, India approve alternative bilateral trade agreement | News

The Russian and Indian governments have agreed to develop an international payment system to enable their bilateral trade, which is an alternative to the SWIFT platform.

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According to The Indian Economic Times, the organization will be headquartered at the headquarters of the Reserve Bank of India and the State Bank of Russia VEB.

Similarly, this week the process should be coordinated and completed, because it is necessary to guarantee the smooth functioning of the documents required for the operation of the rupee (Indian currency) and the ruble (Russian currency).

A source quoted by the media as saying, “India provided a series of such transaction sites in which Russian authorities adopted a specific network protocol.”

The transactions will be settled through a loan account in rupees opened by VEB at the Reserve Bank of India.

If a Russian company receives a ship from an Indian exporter, it receives the corresponding rubles or dollars from the importer and instructs the Reserve Bank of India to deposit the same amount in the credit account in that currency. To the Indian Bank of the Exporter.

In addition, the central banks of the two countries are in the process of formulating a regulatory framework for mutual solutions, so they estimate that in the coming days representatives of the two banking institutions will hold a meeting to discuss this issue.

Last year, India exported $ 3.3 billion worth of goods to Russia, mainly pharmaceuticals, tea and coffee; It imported $ 6.9 billion worth of Russian goods from fertilizers, metals and mineral resources.

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