Moscow and New Delhi transitioning to trade in national currencies – Indian ambassador…(Adios, PetroDollar!…Hello WW3!)

Wednesday, February 24, 2016
By Paul Martin

RT.com
24 Feb, 2016

India and Russia are developing a road map for mutual settlements in national currencies which could open prospects for both countries, India’s Ambassador to Russia Pankaj Saran told RIA Novosti on Wednesday.

“Transition to mutual settlements in national currencies of the BRICS looks promising. Russian and Indian companies are interested in using national currencies in trade settlements,” he said, adding that there is already a mechanism in place for them to use.

According to the ambassador, New Delhi and Moscow aim expanding economic and trade cooperation. They have already chosen priority sectors such as agriculture, pharmaceuticals, jewelry, technical equipment and machinery, oil and gas, and textiles.

During Prime Minister Narendra Modi’s visit to Moscow in December, the two countries set a goal of tripling trade to $30 billion over the next ten years and significantly boost mutual investment.

They also signed a number of multi-billion dollar defense and nuclear energy deals. India has approved the purchase of five S-400 air defense systems from Russia which is part of the biggest arms deal between the two countries in a decade.

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