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Russia and India pay arms supplies with national currencies

Russia and India pay arms supplies with national currencies

Moscow, Dec 7 (Prensa Latina) The general director of the Russian state enterprise Rosoboronexport, Alexander Mikheyev, reported today that his country and India use rubles and rupees in their business transactions related to arms supplies.
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“We establish financial relations with our partners in our national currencies, and in particular in rubles. By following this approach, we do not run the risk of payment delays while fulfilling our contractual commitments,” he explained.

The head of the intermediary company in charge of this nation’s exports and imports of defense-related products also indicated that in their operations they avoid using the US dollar in most of the cases.

Rosoboronexport actively uses offset agreements, which also appear in the documents signed the day before during Russian President Vladimir Putin’s visit to India, he said.

The contract stipulates the purchase of goods for the needs of a state in exchange for investment commitments to establish production of certain products on its territory.

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