OREANDA-NEWS India is in no hurry to switch to settlements in rubles and rupees in trade with Russia, The Economic Times newspaper reports citing sources, according to Lenta.ru.

They attribute such decision to the volatility of the Russian currency and the unstable geopolitical situation. As a result, Indian traders see no urgency in accepting payments from Russia and allow them to accumulate, the source said. It will take time to finalize a mechanism for direct payment for trade deals between the two countries in the national currency, he added.

So far, Indian authorities have been cautious on the issue. Reserve Bank of India (RBI) Governor Shaktikanta Das explained that the regulator will not do anything that contradicts the sanctions imposed against Russia.

Earlier, the U.S. called on India to refuse to buy Russian oil and condemn Russia's special operation in Ukraine. In April, the Indian Oil Corporation (IOC) excluded Russian Urals crude from its latest tender allegedly because of its high sulfur content.