The Reserve Bank of India is apparently preparing for a rupee-ruble link-up with Moscow that would theoretically allow the two countries to evade US-imposed sanctions and trade.
According to Russia’s embassy in India, Moscow and New Delhi had methods of “co-operation and transactions independent of western financial mechanisms”, and that it was a “question of just adjusting”, which was “easy to do”.
Also Tuesday, American-Indian Congressman Ami Bera insisted “India has a responsibility to ensure its actions do not directly or indirectly support Putin and his invasion”.
There was previously a rupee-ruble scheme from the Soviet era until 1992.