India and Russia Abandoned the Dollar in Arms Deals
OREANDA-NEWS. India and Russia have agreed to switch to settlements in national currencies when concluding arms purchase transactions. This was reported on Monday by Bloomberg, citing Russian and Indian sources.
In the near future, the first part of the tranche under the contract for the construction of two warships for the Indian fleet will arrive in Moscow from Delhi. We are talking about the frigates of the project 11356 worth $ 950 million. According to the President of the United Shipbuilding Corporation (USC), Alexei Rakhmanov, the agreement, signed in November last year, is designed for 36 months.
Rejecting the US dollar in favor of national currencies, countries expect to avoid the risks associated with US sanctions. Soon, India will make the first installment, without using a dollar, for the supply of Russian ships for its navy.