Russia, India increasing use of nat'l currencies, share in commercial transactions reaches 96% - Putin

NEW DELHI. Dec 5 (Interfax) - Russian President Vladimir Putin said that the share of settlements in national currencies between Russian and Indian companies is 96%.

"The countries are consistently switching to national currencies in mutual settlements. The share in commercial transactions is already 96%," Putin said following Russia-India talks in New Delhi.

"Stable channels for lending, financial, and interbank cooperation have been established. Russian economic operators are expanding the use of Indian rupees received from export contracts. Large joint projects are financed in Russian rubles," he said.

Russia and India have agreed to continue jointly developing bilateral settlement systems via national currencies in order to support bilateral trade seamlessly, according to a joint statement following the talks.

The parties also intend to continue consultations on integrating national payment systems and financial messaging systems, as well as central bank digital currency platforms.