Moscow, New Delhi Abandon US Dollar In Mutual Settlements - Rosoboronexport

Moscow, New Delhi Abandon US Dollar in Mutual Settlements - Rosoboronexport

NEW DELHI (UrduPoint News / Sputnik - 07th December, 2021) Russia and India have abandoned the US Dollar in mutual settlements, all payments are made in rubles and rupees, Alexander Mikheev, the director general of Russian state arms exporter Rosoboronexport, said on Tuesday.

"By tradition, we name all transactions in Dollars for ease of calculation.

In real work, Rosoboronexport has moved away almost 100% from settlements in the US Currency. As for India, all settlements are carried out in rubles and rupees. In addition, we are actively practicing offset projects, which are also present in the contracts signed today. This is a normal modern practice, one of the trends in the world market," Mikheev told reporters in New Delhi.

With such an approach, the sides "do not face the risk of delays in payments when fulfilling our contractual obligations to our partners," he added.