Russia and India continue discussing a mechanism of mutual settlements in rubles as the problem of exports-imports imbalance that arose due to payments for Russian oil persists.
President of the Confederation of Indian Industry (CII) R Dinesh told reporters from G20 countries that the sanctions-induced imbalance became a 100-percent reality. Russian and Indian authorities continue looking for ways to resolve difficulties. They also consider an opportunity to set up a mechanism for settlements in rubles.
Problems in Russia's oil trade with India emerged in the spring of 2023. They emerged after Russian oil companies attempted to switch to national currencies — rubles and rupees — in mutual settlements.
The companies thus attempted to circumvent Western sanctions that prohibited oil supplies at prices higher than $60 per barrel. However, Indian companies did not have enough rubles, and it was not easy to withdraw rupees from local banks due to peculiarities of local legislation.
Following the missile attack on the Black Sea Fleet headquarters in Crimea, Russia will obliterate airfields in Western Ukraine where Sukhoi Su-24 bombers are stationed