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Israeli media: Intense US efforts are being made to resolve differences, such as the issue of the Israeli presence on Mount Hermon and in southern Syria
Israeli media: The security agreement means amending the disengagement agreement, which will also address the Druze issue
Israeli media: Attempts to reach a security agreement between 'Israel' and Syria were among the topics discussed at the Paris meeting
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Saba News Agency: Two martyred, five injured in a preliminary toll of the Israeli aggression on the Yemeni Oil Company station on Al-Sitteen Street in Sanaa
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Al Mayadeen's correspondent: The Israeli aggression targeted the Yemeni Oil Company station on Al-Sitteen Street, southwest of the capital, Sanaa, with several raids

India, Russia discuss Rupee-Ruble exchange amid sanctions

  • By Al Mayadeen net
  • Source: Agencies
  • 17 Mar 2022 19:05
  • 1 Shares
2 Min Read

The Central Bank of India is discussing a possible scheme of direct currency exchange with Moscow.

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  • India and Russia discuss Rupee-Ruble exchange amid sanctions
    India is hoping to benefit from global sanctions on Russia by entering the Russian market (Mint)

The UK Financial Times reported that India's central bank is in discussions with Russia regarding direct currency exchange amid anti-Russian sanctions.

According to Dr. A Sakthivel, president of the Federation of Indian Export Organizations (FIEO), the organization has made a request to the Indian government to establish an exchange scheme. "We have requested the government to have [the rupee-rouble] arrangement," adding that the government is "working on it. Very soon I think we'll get this."

Sakthivel divulged that while global sanctions are banning exports to Russia, India feels it is a good opportunity to enter the Russian market.

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According to some news outlets, India may purchase around 15 million barrels of inexpensive crude oil from Russia in 2022. Hardeep Singh Puri, India's Petroleum and Natural Gas Minister, stated that New Delhi is discussing the pricing and logistics of exporting cheap oil to Russia after Moscow was struck with a US import restriction.

Last week, Russian Deputy Prime Minister Alexander Novak stated that Russia wished to encourage Indian investment in the oil and gas business following the United States' announcement that it would forsake Russian oil over Ukraine, leading prices to skyrocket.

Western nations placed tough sanctions on Russia for its decision to conduct a military operation in Ukraine on February 24.

Read more: Putin approves paying foreign creditor in rubles

Similarly, China has launched yuan-priced oil contracts in 2018 as part of its efforts to make its currency tradeable globally, but they haven't eroded the dollar's dominance of the oil market. Using dollars has become a risk for China, as illustrated by US sanctions imposed on Iran over its nuclear program and on Russia in reaction to the Ukraine operation. 

The state-run Russian VTB Bank which has been sanctioned by Washington has released a decision to provide users with the option of opening an account in Yuan, the Chinese currency, with a maximum interest rate of 8%.

Read more: China's tools to help Russia's economy

  • Russia
  • India
  • Yuan
  • Sanctions on Russia
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  • Ruble
  • Rupee
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

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Palestine will not be liberated by UN reports, but by pursuing a different strategic horizon: one that does not beg for recognition. (Al Mayadeen English; Illustrated by Batoul Chamas)

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Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

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