https://www.youtube.com/watch?v=a0mEon5BtIE

A mechanism bypassing the US dollar is expected to be operational this week

A system allowing direct rupee-ruble payments in trade between Russia and India could be launched this week, the president of the Federation of Indian Export Organizations (FIEO), A Sakthivel, told CNBC on Wednesday. The arrangement would allow India and Russia to carry out financial operations bypassing the US dollar. Russia is effectively blocked from using US currency due to Western sanctions over the conflict in Ukraine.

According to the official, the Indian government is working on a proposal to allow up to five nationalized Indian banks to be engaged in the rupee-ruble trade mechanism, and discussions between the central bank governor, the finance minister, and the banks on the matter have already been held. The arrangement would let Indian exporters continue doing business with Russia despite sanctions banning, among other things, international payment mechanisms in the country, such as SWIFT. It would also let India continue buying Russian energy exports and other goods.

According to Sakthivel, the Indian economy could profit from sanctions Russia is facing, as they give Indian exporters an opportunity to expand on the Russian market.
Export to Russia is not much, only in agriculture and pharmacy products. Now that the whole of the West is banning Russia, there will be a lot of opportunities for Indian firms to enter Russia,” he stated.

India’s finance ministry and the Reserve Bank of India have not yet commented on the new trade arrangement.

Unlike the US and the EU, India has not criticized Russia over its military operation in Ukraine, and has abstained from condemning Moscow during the recent UN voting rounds. When asked whether India’s continued commerce with Russia would draw Western ire, Sakthivel said his country had taken a “neutral stand” on the situation in Ukraine.

“The government will take into account all the factors. The government is playing it very carefully,” he stressed.

India exported $3.3 billion worth of goods to Russia in 2021, mostly pharmaceutical products, tea, and coffee. In terms of imports, India bought $6.9 billion worth of Russian products, including arms and defense goods, mineral resources, fertilizers, metals, diamonds and other precious stones. India also imports Russian oil, with recent media reports stating that the country’s major refiner, Indian Oil Corp, has stepped up purchases of Russian crude over the past month. India is also reportedly considering buying raw materials from Russia and Belarus for fertilizer production amid skyrocketing commodities’ prices.

seunny4lif:
Hungary PM already said if Russia insist on Ruble payment then Hungary and EU don’t have other option than to pay even when some of them are saying they will not pay but they will pay it especially Hungarians will not dead because of Ukraine war and Hungary will not be drag into any war.

Russia exports 175B gas to EU and Biden only promises was around 40B, and even USA need to import from maybe Iran, Venezuela and Russia to make up that number because if oil price drop to €45 then USA can’t produce gas with Shale.

Svlla:
Seunny4lif I think they can produce gas with shale

You say 40bcm gas from US, I read 15bcm somewhere else. That's like 10% of Russia export to EU which should be less than 4% EU gas consumption

America can't fill Russia shoes and that's period

Tommy4576:
1. US/NATO can invade whomever they want, Russia cannot.

2. US/NATO can send weapons to whomever they want, Iran cannot.

3. US/NATO can put military bases worldwide, China cannot.

4. US/NATO can determine who has sovereign rights to security/econ partnerships. India cannot.

seunny4lif:

The gulf nations knew this is their time to act, USA and EU only remember gulf nations during oil crisis.

It’s 15bcm according to Hungary government and Polish news and even Polish TV said where is USA going to get the gas as they all know that if gas price drop to €50 then USA shales can’t function just like the last time.
Unlike Russia that base the oil price at just €35 while Gulf nations want at least €60.
Saudi economy will crash if oil price hit €40 because they have too many royal families earning money and they don’t have other things like UAE or Russia.

seunny4lif:
@Svlla
EU don’t have any options now and even in the next 20 years.
Any small cut off gas or oil supply can send Germany economy to Stone Age.
Turkey president said Turkey is going to trade with Russia no matter what.
India already getting Russia oil at 20% discount, that’s massive promo and same with China.
Those 2 countries alone used more oil that EU.

Assad travelled to UAE and met with some Saudi Arabia officials is a big step to show the world Russia is a powerful nation.
NATO, Saudi and UAE with Qatar almost removed Assad until Russia came in and changed the game

Tommy4576:
1. US/NATO can invade whomever they want, Russia cannot.

2. US/NATO can send weapons to whomever they want, Iran cannot.

3. US/NATO can put military bases worldwide, China cannot.

4. US/NATO can determine who has sovereign rights to security/econ partnerships. India cannot.

Kastonkastroll:
so anybody that doesn't lick America's behind is a terrorist/muslim according to your myopic mind abi?

Mynd44
Dominique
Lalasticlala
Seun- I believe the rules that guides this great forum are still working!