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Russian Ambassador Denis Alipov on Monday discussed key aspects of India-Russia cooperation, including efforts to establish a direct trade payment system in rubles and rupees. While addressing challenges to this mechanism, he noted that both countries are working towards making bilateral payments more feasible despite financial hurdles.
“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 further questioned why India should be restricted to working only with the US-aligned countries,and said , “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.”
The ambassador then stressed the need for India, Russia, China, and other nations to have an equal say in global financial matters. “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.”
Addressing future financial collaborations, Alipov shared optimism about improved understanding within India’s banking sector regarding Russia-related transactions.
“We are hopeful that understanding among various banking communities in India would grow, recognizing 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.
The ambassador also highlighted India’s increasing interest in projects in Russia’s Far East and Arctic regions, and stated, “India is expressing huge interest in mutual projects in the Russian Far East. That would be a step closer to more substantial engagement in the Arctic.”
Turning to nuclear and defence cooperation, Alipov noted that Russia remains a key player in India’s nuclear energy market. “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 highlighted the high-level visits expected between Russia and India, including an inter-government dialogue scheduled for November, affirming the strength of bilateral ties despite external challenges.
