India Must Resolve Its Relationship with Russia: Ambassador Alipov

01 Nov, 2024

Russian Ambassador Denis Alipov recently emphasized the importance of enhancing India-Russia cooperation, focusing on initiatives to establish a direct trade payment system using rubles and rupees. During his address, he outlined the financial challenges hindering this mechanism but expressed optimism that both nations are actively working to make bilateral payments more viable despite existing hurdles.

Alipov highlighted that both countries are considering a ruble-rupee trade system, although he noted a significant issue: the absence of a direct exchange between the two currencies. He pointed out that while the exchange rate itself isn't a problem, the reluctance of Indian banks to engage in transactions with Russia poses a major challenge. This cautious approach, he indicated, stems from pressure exerted by the United States, which closely monitors transactions and has even threatened sanctions.

Moreover, Alipov questioned why India should be limited to partnerships with countries aligned with the US. He articulated the need for India to establish a stable relationship with Russia, suggesting that future US demands could similarly restrict India’s dealings with other nations. He emphasized the potential for a never-ending list of countries that the US might influence, urging India to assert its independence in international relations.

The ambassador also called for greater inclusivity in global financial discussions, advocating for equal representation for India, Russia, China, and other nations. He stressed that India's voice must be considered in matters of global financial cooperation, affirming that India possesses the capabilities to contribute significantly to these discussions. Alipov underscored the role of BRICS as a crucial platform for amplifying the perspectives of the Global South and developing countries in international affairs.

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