What are the potential benefits of India and Russia's increased rupee-rouble payments, as reported by the largest Russian bank
Examine the implications of the doubling of rupee-rouble payments between India and Russia in 2024.
- Enhanced trade: Increase in rupee-rouble payments can boost bilateral trade between India and Russia.
- Reduced dependency on USD: Using own currencies can reduce reliance on the US dollar for trade transactions.
- Cost savings: Avoiding currency conversion charges and fluctuations can lead to cost savings for businesses.
- Strengthened economic ties: Closer financial cooperation can deepen economic relations between the two countries.
- Reduced exposure to sanctions: Diversifying payment options can mitigate risks associated with sanctions imposed by Western countries.
Answered
9 months ago