A mechanism allowing the switch to domestic currencies is expected to be operational this week.
A system allowing direct rupee-ruble payments in trade between Russia and India could be launched this week, the president of the Federation of Indian Export Organizations (FIEO), A Sakthivel, told CNBC on Wednesday. The arrangement would allow India and Russia to carry out financial operations bypassing the US dollar. Russia is effectively blocked from using US currency due to Western sanctions over the conflict in Ukraine.
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