No Official Talks On Rupee-Rouble Payments, Says Commerce Secretary

Government denies any talks with Russia on rupee-ruble payment arrangement

Commerce Secretary BVR Subrahmanyam on Wednesday denied that any official talks were going on with Russia on rupee-ruble payments for merchandise.

Subramaniam said, “There is no official discussion on rupee-ruble payment. I refute all such reports. On how to pay only to exporters who have sold their goods and are awaiting payment. It is being discussed.”

He said that in the above context, the possibility of whether the payment can be made in Russian Rubles is also being discussed as at present banking transactions (with Russia) are restricted.

Last week, the Reserve Bank of India (RBI) also denied reports about the rupee-ruble trading platform. The central bank had clarified that there is no forum to facilitate rupee-ruble trading, however, at the same time, it is in discussion with all stakeholders in the matter.

RBI Deputy Governor T Rabi Shankar had said that since the Russo-Ukraine war broke out, trade and payments have been affected, so “we are discussing all options with stakeholders, but at the same time, we need to be sensitive to it”. Will have to be. Sanctions (on Russia)”.

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