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India and Russia may keep ruble out of the proposed rupee-ruble trade

Payments are likely to be settled in rupee pegged to dollar

Rupee Ruble
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A former commerce secretary said since India cannot pay Russia in hard currency, it can deposit the amount into an Indian account

Asit Ranjan Mishra New Delhi
India and Russia may keep the ruble out of the proposed rupee-ruble trade, given the high volatility in the Russian currency after Western nations imposed sanctions on the country. Payments are likely to be settled in the rupee pegged to the dollar, and deposited in an Indian bank account.

“The rupee-ruble trade may not be feasible as the ruble has depreciated sharply. Instead, trade can be valued in the rupee pegged to the dollar. The Reserve Bank of India (RBI) is working out the details in consultation with Indian and Russian banks,” a government official said.

According to the official, under the

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First Published: Mar 28 2022 | 6:10 AM IST

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