Centre may allow rupee-ruble trade in phases starting with agri, pharma

This will allow Russian importers to pay in rubles and enable Indian exporters to do so in rupees

The Central government is considering allowing India-Russia trade in local currencies initially in sectors such agri, pharma, and energy, where sanctions have not been imposed collectively by the US and its allies, according to people aware of the deliberation.

More discussion will be required to facilitate trade in other sectors such as defence. Or else, it would send a signal to Western countries that India is bypassing the sanctions. A strategic decision would be required for such trade, people said.

“If we are going beyond sectors such as energy, pharma, and agri, then it may signal that we are not abiding by