'Necessary for India to stabilise ties with Russia': Ambassador Alipov
- In Reports
- 05:01 PM, Oct 28, 2024
- Myind Staff
Russian Ambassador Denis Alipov on Monday highlighted efforts to strengthen India-Russia cooperation by setting up a direct trade payment system using rubles and rupees. He acknowledged some challenges to this payment method but noted that both countries are actively working to make direct transactions easier and overcome financial obstacles.
"Both [India and Russia] are thinking about a ruble-rupee trade mechanism," Alipov said. "I'm not a big specialist in finances, but there is no direct exchange of rupee and ruble currently. The problem is not the exchange rate; the biggest challenge is the over-cautiousness of Indian banks regarding transactions with Russia." He attributed this hesitation to pressure from the United States, noting, "The US has been meticulous in tracking transactions between India and Russia, even threatening sanctions."
Alipov went on to ask why India should only be allowed to collaborate with nations that share its views with the US, saying, "Today it is necessary for India to settle its relationship with Russia; tomorrow the US might ask India to curb its relationship with Bangladesh, for example. There might be an endless list of countries the US decides upon."
"It is necessary for India, Russia, China, and other members, the vast majority of the world, to have an equal voice in various issues of global financial cooperation. India's voice should be taken into account, and, like the rest of the world, India has all capacities," Alipov added, underlining BRICS' role as a "voice of the Global South and developing world in international affairs." Speaking about upcoming financial partnerships, Alipov expressed hope that the banking industry in India will have a better grasp of transactions involving Russia.
"We are hopeful that understanding among various banking communities in India would grow, recognising it is safe and correct to work with various countries without fearing coercive measures from the US They are illegitimate in the first place. India does not support those sanctions, and it should stay as such", he added. "India is expressing huge interest in mutual projects in the Russian Far East," the envoy said, highlighting India's growing interest in projects in Russia's Far East and Arctic regions. That would bring us one step closer to deeper Arctic interaction.
Russia continues to be a major player in India's nuclear energy sector, Alipov said, turning to nuclear and defence cooperation. "We are constructing six power plants at Kudankulam, and our cooperation in the nuclear energy sector is progressing very well," he stated. In the defence sector, Alipov commended the ongoing work on the BrahMos missile project, as well as Russia's support for India's "AtmaNirbhar Bharat" and "Make in India" initiatives. "We are doing practical cooperation with Atmanirbhar Bharat, and the T-90 tank project is also there," he added.
Alipov also emphasised the importance of bilateral connections in spite of external difficulties by highlighting the high-level visits that Russia and India are anticipated to have, including an intergovernmental discussion in November.
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