Media: India Proposes to Trade with Russia in Rupees for Oil and Arms Procurement
According to the agency, New Delhi plans to use about $2 billion in rupees deposited with Russian state banks VTB and Sberbank.
According to the interlocutor of Bloomberg, the parties may agree on this after the visit of Russian officials to the Indian capital this week. If the sides agree, deposits in Russian accounts could rise to $5 billion by the end of 2022.
According to the author of the article, Russian oil, which has fallen in price due to Western sanctions, could help India with inflation. In addition, New Delhi is working to increase exports of pharmaceuticals, plastics and chemicals.
The agency also noted that India is the world's largest buyer of Russian arms and is trying to take a neutral stance on tensions between major powers.