Russia and India move to settle in national currencies

Russia and India are ready to abandon trade settlements in dollars and move to national currencies. Countries are exploring the possibility of transition to mutual settlements in rupees and rubles.

Russia and India are considering the option of using the Chinese yuan as the base currency to move to such trade settlements. It is planned that in order to make payments, a Russian bank need to open an account in an Indian bank and Indian financial institutions in a Russian one. It is possible to use such a mechanism as a floating exchange rate. The yuan is considered to take as the third currency.

It should be noted that there were examples of payment for goods in rupees and rubles, in particular for the supply of tea.