Western Media spreading lies – India Russia continue trade settlement in rupee

“The officials admitted that there are issues on how Russia could use the excess rupee in Vostro accounts, but the talks to iron out these differences continue,” the publication said

 India and Russia continue negotiations on trade settlement in the Indian rupee, the New Indian Express wrote on Friday citing government officials.

“Government officials have denied the reports that India and Russia have suspended negotiations on trade settlement in Indian rupee. The officials admitted that there are issues on how Russia could use the excess rupee in Vostro accounts, but the talks to iron out these differences continue,” the paper said.

Reuters reported on Thursday that Moscow and New Delhi allegedly no longer discussed the mechanism of payments in the Indian national currency, having suspended negotiations on that issue.

Amid anti-Russia sanctions India and Russia are transferring mutual payments to national currencies, as well as are involved in optimizing supply routes. Director General and CEO of the Federation of Indian Export Organizations (FIEO)  Ajay Sahai said  earlier, that Russian banks opened up to 11 accounts in Indian currency with Indian banks for trade settlements in rupee. According to data provided by the Indian trade ministry, India  may transfer 16.38% of its total trade in rupee with Russia and neighboring countries excluding Pakistan.