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Russia and India may reintroduce the "currency settlement mechanism" and bypass the US dollar by using direct exchange rates.
According to sources from the Indian government, the central banks of India and Russia are preparing to restart discussions on expanding currency settlement mechanisms. Since the conflict between Russia and Ukraine, bilateral trade between the two countries has increased significantly. The central banks of both sides are considering setting a direct trade reference exchange rate between the Russian and Indian currencies, bypassing the US dollar as an intermediary.
Russian Lender Sberbank Posts 10% Rise in Second-quarter Profit
Express News | Ukraine has carried out large-scale cyber attacks on Russian government institutions.
Express News | The US allows settlements related to energy sector transactions with some Russian banks
Sberbank Net Profit of RUB 1,509B, Net Interest Income of RUB 2,565B
Sberbank Rossia Gets License for Orderly Winddown of Depositary Receipts Program
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