India Mulls Using National Currencies in Trade With Russia

© REUTERS / Danish SiddiquiA customer deposits 1000 and 500 Indian rupee banknotes in a cash deposit machine at bank in Mumbai, India, November 8, 2016
A customer deposits 1000 and 500 Indian rupee banknotes in a cash deposit machine at bank in Mumbai, India, November 8, 2016 - Sputnik International
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VLADIVOSTOK (Sputnik) - India hopes to introduce the mechanism of national currencies' use in bilateral transactions with Russia as soon as possible and plans to discuss this issue during the upcoming visit of Russian President Vladimir Putin to New Delhi, Indian Commerce and Industry Minister Suresh Prabhu told Sputnik on Wednesday.

Prabhu said on the sidelines of the Eastern Economic Forum (EEF) that he had already made some specific proposals in this regard to colleagues in Russia, as well as at other levels during previous visits. The minister expressed his hope that Putin's upcoming visit to India would help reach progress in this issue.

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"We are waiting for the visit of President Putin to India to take [this issue] forward," Prabhu said.

Prabhu did not specify the scale of use of national currencies in bilateral trade, but noted a possibility of using ruble and rupee in such joint projects as gold and diamond mining in Russia.

According to the minister, the Indian authorities also hope to discuss issues of global trade, economy and security during Putin's visit. India wants to contribute in the development of world trade in a way that would be beneficial to the whole world, Prabhu stressed.

READ MORE: Iran, Russia, Turkey Discussed Non-Dollar Trade at Summit in Tehran — Reports

In July, Kremlin aide Yury Ushakov said that Putin planned to pay a visit to India in October.

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