The envoy was addressing a conference on 'Next Steps in India-Russia Strategic Partnership; Old Friends New Horizons' organised by the India Writes Network and the Centre for Global India Insights.
The rupee-rouble payment system for trade was rolled out to settle dues in rupees instead of US dollars or euros. Vostro accounts are used to make payments in domestic currency.
“The banks would like to be on the safe side. It will take some more time for the knowledge that it is not at all detrimental for the Indian banking system,” Alipov was quoted as saying by a news agency.
The US dollar and euro can be used with non-sanctioned Russian banks for bilateral trade, he said.
ALCHEMPro News Desk (DS)
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