India finalising alternative payment system to carry on Russia trade

Hindustan Times ^ | 13 mar 22 | Zia Hack

[delta7]

India is stepping closer to setting up an alternative payments system to maintain its trade with Russia, identifying a potential bank, as a top panel examining the issue recommended prioritising edible oil and fertiliser imports as well as payments owed to India, an official aware of the development has said…. The top interministerial panel has been tasked with scrutinizing the impact of a barrage of economic sanctions imposed by the West on Russia on India’s economy. It is led by economic affairs secretary Ajay Seth and includes the ministries of food and consumer affairs, fertilizers, commerce, external affairs and petroleum. The sanctions have already impacted developed and emerging economies alike, de-valuing many currencies, including the rupee, firing up oil prices, disrupting supply chains and heightening worries of inflation, which erodes households’ incomes. The official declined to name the bank being zeroed in on. He said the government would be prioritising imports of edible oil and fertiliser. Any shortage of these two commodities, of which India is a net importer, can stoke food inflation and disrupt the farm sector ahead of the summer-sown or kharif season.

[delta7]

Thank you Joe, using SWFT sanctions shot us in the foot. Even Nobama refused to do such madness. No country will bank with the US when they realize they can be turned “ off” , assets frozen, at the whim of the US. Monitor closely the coming world’s financial realignment.

This war has just started, WW III, not many bodies, but huge financial loses.

[Vermont Lt]

Wait until people hear that Turkey has a direct , peer to peer, trade agreement with Russia.

They don’t “need” swift either.

[redgolum]

Slo Joe just destroyed the petro dollar

[EEGator]

[BobL]

Just what the WEF wanted - no wonder they keep egging on Ukraine to fight. The longer the fight, the more progress the WEF makes.

[pburgh01]

If it’s written by currys, it won’t work.

[EEGator]

That’s the first iteration.
They then pass it on to Whitey to debug it...

[DIRTYSECRET]

They can fly those Russian tourists out of Thailand.

[EEGator]

[Reno89519]

Sounds like time to cut India office and Indians home, please. Save America by sending Indians back to India. They’re not her friends, they never have been our friends, and now maybe most people will realize that.

[Georgia Girl 2]

Its starting to feel like QFS. 😐