New Delhi

On Monday, Russian Ambassador Denis Alipov spoke about important aspects of India-Russia cooperation, particularly the establishment of a direct trade payment system using rubles and rupees. He acknowledged the challenges faced in implementing this system, stating that both nations are striving to make bilateral payments easier despite existing financial barriers.

Alipov explained, Both India and Russia are exploring a ruble-rupee trade mechanism. He highlighted that while there is no direct exchange between the two currencies currently, the hesitation of Indian banks in handling transactions with Russia is a significant challenge. This cautiousness stems from pressure from the United States, which closely monitors these transactions and has even threatened sanctions.

He questioned why India should limit its partnerships to US-aligned countries, stressing the importance of India establishing its relationship with Russia. Alipov emphasized the need for countries like India, Russia, and China to have an equal voice in global financial discussions, especially as part of BRICS, which represents the Global South.

Looking ahead, he expressed optimism that Indian banks would become more comfortable with Russia-related transactions. Alipov also noted India’s growing interest in projects in Russia’s Far East and Arctic regions. He reaffirmed Russia’s commitment to India in sectors like nuclear energy and defense, highlighting ongoing projects like the BrahMos missile initiative and the construction of six power plants at Kudankulam. High-level meetings are also planned to strengthen bilateral ties despite external pressures.