Commerce Minister BVR Subrahmanyam denied on Wednesday that official negotiations are underway with Russia over payment of the Rupee ruble for traded goods.
“There is no official discussion going on about payments of the rupee ruble. I deny all such reports. Only how to pay the exporters who have sold their goods and are awaiting payments is being discussed,” said Mr Subrahmanyam.
He added that in the above context, whether payments can be made in Russian rubles, this possibility is also discussed as bank transactions (with Russia) are currently prohibited.
Last week, the Reserve Bank of India (RBI) also denied reports about the Rupee-Rouble transaction platform. The central bank had clarified that there is no platform to facilitate the trading of rupees and rubles, but is at the same time in talks with all stakeholders in the matter.
RBI Deputy Governor T Rabi Sankar had said that trade and payments have been affected since the outbreak of the war between Russia and Ukraine, so “we are discussing all alternatives with stakeholders, but at the same time we must also be sensitive to the sanctions (against Russia).” “.