The two countries have successfully established a mechanism for mutual settlements in rubles and rupees, Purnima Anand says.
Russia and India don’t need the US dollar in trade, having turned to national currencies to conduct mutual settlements, BRICS International Forum President Purnima Anand told reporters on Wednesday.
“We have implemented the mechanism of mutual settlements in rubles and rupees, and there is no need for our countries to use the dollar in mutual settlements. And today a similar mechanism of mutual settlements in rubles and yuan is being developed by China,” she said.
“That means that the BRICS countries are opening up to Russia, offering the opportunity for the country to overcome the consequences of sanctions,” Anand added, as quoted by RIA news agency.
The BRICS president said mutual trade between India and Russia had grown fivefold over the past 40 years. Moscow supplies a rapidly growing volume of oil to India, and in return gets large quantities of agricultural products, textiles, medicines and other products.
Anand also noted that New Delhi considers itself a neutral party in the current sanctions war between the West and Russia, and despite sanctions pressure, will continue cooperation with Moscow “in any areas where necessary.”
When Russia’s military operation in Ukraine began, naturally there was pressure on India to stop importing Russian oil. But the Ministry of Foreign Affairs had to reject this pressure. The Russian side was assured that supplies would not be stopped and the sanctions regime would in no way affect the relationship between our countries,” the forum head stressed.
BRICS an international socio-economic and political forum incorporating five member nations: Brazil, Russia, India, China and South Africa.