India-Russia working on new payment system for defence deals amid more sanctions
david waker
1 min read
India-Russia working on new payment system for defence deals amid more sanctions
Needed by more western sanctions against Russian banking channels, Moscow and New Delhi are now working on a new payment system for defense equipment that has been ordered, including renting a third nuclear submarine.
Sources in the establishment of Indian defense and security also told The Print that other fields of concern were appreciation for Russian Russian Rubles vis-à-vis Rupee. This means that payments to Russia are more expensive for India.
In August last year, Rupees and Ruble Russia had the same value. But today Russian rubles are worth 0.75 against one rupee.
Asked about the impact of Western sanctions on the Indian-Russian defense agreement, the Russian Federal Service for the Head of Military Technical Cooperation (FSMTC) Dmitry Shugaev said the payment was made in accordance with the provisions specified in the contract.He spoke during the 2022 Army, an international defense exhibition held in Moscow.
As a result of the anti-Russian campaign released by unfriendly countries, domestic military cooperation entities, leading companies from the industrial-complex complex and financial institutions are subject to various types of sanctions.
In this case, payments in the US dollar and Euro in weapons export transactions have been reduced to a minimum, “he said.As reported by The Print in 2019, both India and Russia have decided to make payments in local currencies for defense agreements.
