Purnima Anand claims that the two nations have effectively built a system for exchanging payments in rubles and rupees.
Russia and India no longer conduct trade in US dollars since they have switched to their national currencies, according to Purnima Anand, president of the BRICS International Forum, who spoke to the media on Thursday.
There is no longer a necessity for our countries to use the dollar in mutual payments because we have developed the mechanism of settlements in rubles and rupees. China is currently developing a similar system of reciprocal payouts in rubles and yuan, she added.
According to Anand, who was reported by the RIA news agency, "that signifies that the BRICS countries are opening up to Russia, creating the possibility for the country to overcome the effects of sanctions."
The BRICS president claimed that over the previous 40 years, commerce between India and Russia had increased by a factor of five. Moscow provides India with an ever-increasing amount of oil in exchange for substantial amounts of textiles, medicines, and other goods.
Anand further mentioned that New Delhi sees itself as a neutral party in the ongoing sanctions conflict between the West and Russia and that it will continue working with Moscow "in whatever sectors were essential" despite the strain of the sanctions.
"There was pressure on India to stop importing Russian oil after Russia's military intervention in Ukraine started. But this pressure had to be rebuffed by the Ministry of Foreign Affairs. The head of the forum emphasized that the Russian side had received assurances that supplies would continue and that the sanctions regime would not have any impact on relations between our nations.
Brazil, Russia, India, China, and South Africa are the five members of the BRICS, an international socioeconomic and political forum.
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