The government has convened a multi-Ministerial group to look into how to overcome challenges in trade with Russia, including managing payments for exporters and importers, External Affairs Minister (EAM) S. Jaishankar said in Parliament on Thursday, in comments that indicate a possible revival of “Rupee-Rouble trade” in the wake of economic sanctions against Russian banks and entities by more than 40 U.S. and European allies.
Answering a number of queries during Question Hour in the Rajya Sabha on India’s stand on Russia and Ukraine, including some that raised concerns over India’s abstentions at the United Nations and the impact of Indian policy on India’s trade and ties with the U.S., Mr. Jaishankar said that India’s position is “for peace” and that foreign policy decisions are made in “Indian national interest”.
To a specific question from Naresh Gujral (Shiromani Akali Dal) on whether the government would reactivate rupee trade, or trading in local currencies with Russia, Mr. Jaishankar said that, “because of the emerging problems in dealing with Russia, [the] government is examining various aspects, including the payment aspect”.
