Russia, India may go over to ruble and rupee transactions

MOSCOW, April 07. /ITAR-TASS/. Russia and India may go over to transactions in roubles and rupees over the next fifteen years, the President of the Indian Business Alliance (IBA) in Moscow, Sammy Manoj Kotwani said Monday after a session of the International Council for Trade and Investment, which reports to the Russian Union of Industrialists and Entrepreneurs (RUIE).

“Quite naturally, it would be too unrealistic to give up the US at once but a possibility of this kind does exist,” he said. “If there’s a wish to do effectuate this transition, the dollar can be removed.”

Sammy Kotwani said the decision of Visa and MasterCard executives to work with the agents blacklisted by the US Administration was an error on their part.

“It was their error and they’ve already realized it,” he said.

IBA Moscow represents the interests of 150 Indian companies working in Russia.