News / Delhi looks to boost Russia trade with support for export deals in rupees

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The government of India is eyeing a new policy to incentivise exporters seeking to sell in rupees instead of traditional US dollars.

The Reserve Bank of India (RBI), the country’s banking regulator, recently put in place an alternative mechanism for these transactions, in large part meant to reinvigorate Indian exports to Russia.

This market has cooled after western sanctions were imposed on Moscow, while Indian imports from Russia – mainly led by crude oil – have seen a five-fold spike.

As part of ...