Russia has offered India a “double payment” mechanism for energy products. This means India will pay for Russian oil imports in dollars or euros, while other trade transactions will be made in rupees and rubles.
Talks were held last week between Sberbank officials and officials from Indian finance departments, including the Indian Central Bank, regarding the conversion of energy settlements to euros and dollars. Moscow has also insisted that the rest of its trade with India be conducted in rubles and rupees. No final decision has yet been made, Bloomberg’s sources say.
Earlier, sources in the Indian government reported on plans of India and Russia to switch to settlements in rubles and rupees for trade between the two countries. Russian Deputy Prime Minister Alexander Novak said the Russian side was looking forward to attracting Indian investment in the Russian oil and gas sector.
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