The Russian side propose to resume the practice of paper letters of credit to ensure stable exports from the Republic of India. The mechanism involves payment through the public debt in rupees.
It seems that this proposal will contribute to a sharp increase in exports to Russia. The Bank of Russia and the Reserve Bank of India are studying the possibility of implementing this mechanism and at the same time comply with international sanctions.
According to the Economic Times, officials of the central banks of Russia and India have met twice, the parties continue to negotiate.