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

Government has denied any negotiations with Russia over Rupee-Rouble fee association

Commerce Secretary B V R Subrahmanyam on Wednesday denied that any official negotiations are occurring with Russia over Rupee-Rouble fee for traded items.

"There is no official discussion going on over Rupee-Rouble payments. I deny all such reports. Only how to pay those exporters who have sold their goods and are awaiting payments, this is being discussed," Mr Subrahmanyam stated.

He added that within the above context, whether or not funds will be made in Russian Rouble, this risk too is being mentioned as a result of banking transactions (with Russia) are at the moment prohibited.

Last week, the Reserve Bank of India (RBI) too had denied stories in regards to the Rupee-Rouble transaction platform. The central financial institution had clarified that there isn't a platform to facilitate Rupee-Rouble commerce, nonetheless on the identical time, it's in dialogue with all of the stakeholders within the matter.

RBI Deputy Governor T Rabi Sankar had stated that ever for the reason that Russia-Ukraine warfare had damaged out, commerce and funds have been impacted, subsequently "we are discussing all alternatives with stakeholders, but at the same time, we also have to be sensitive to the sanctions (on Russia)".