India, Russia explore rupee-rouble trade
Date
4/3/2022 12:06:35 AM
(MENAFN- Trend News Agency)
India is learnt to be planning to set up a dedicated payment
mechanism to sidestep western sanctions in its trade with Russia.
It will enable payment for existing trade obligations as well as
pave way for cheaper oil and gas imports amid the spiralling fuel
prices in India, Trend reports citing The Tribune .
Russian Foreign Minister Sergey Lavrov, who met Prime Minister
Narendra Modi here today, said“more and more transactions would be
done using national currencies and bypassing dollar-based
systems”.
The attempt at setting new trade terms came as PM Modi conveyed
to Lavrov India's readiness to contribute in any way to the peace
efforts in the conflict in Ukraine. The PM also reiterated his call
for an early cessation of violence in the meeting with Lavrov, who
rounded up his brief stay with an extensive meeting with his
counterpart S Jaishankar. Speaking to the media, Lavrov said he had
discussed the holding of the next meeting of the Indo-Russia
Inter-Governmental Commission for Trade, Economic, Scientific &
Cultural Cooperation (IRIGC-TEC), a premier
government-to-government mechanism to guide bilateral economic
cooperation. Soon after holding talks with Jaishankar, he welcomed
India's role in mediation and said New Delhi had not been involved
so far unlike Israel and Turkey.
The need for“mutual interest and the search for balance of
interests will prevail in future as well,” he said in a hint at the
neutral position taken by India and several other developing
countries.
“More and more transactions will be done using national
currencies and bypassing dollar-based systems,” he hoped while
underlining Moscow's readiness to provide anything that India
wanted. New Delhi, he said, was one of the key priorities for
Moscow based on principles of equality and mutual trust.“We are
interested in having a balanced world order, which makes it
sustainable,” he said. Lavrov said Russia appreciated India's
stand.“We do not hide anything and appreciate India's view after
studying the entirety of facts and not just in a one-sided way,” he
added. Jaishankar's opening remarks were more matter of fact.“Our
meeting takes place in a difficult international environment quite
apart from the pandemic. India has always been in favour of
resolving differences and disputes through dialogue and
diplomacy,'' he observed.
Jaishankar underlined that as a developing economy, India was
especially concerned about global volatility in different domains,
said the MEA.“It is important for both countries that their
economic and technological contacts remain stable and predictable.
Differences and disputes should be resolved through dialogue and
diplomacy and by respect for international law...,” it
observed.
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