India also supports using local currencies to settle trade instead of a third currency like the dollar.
Ministry of External Affairs spokesman Randhir Jaiswal said it was premature to conclude what was discussed at the Finance Ministers-Central Bank Governors meetings and urged reporters to await the joint statement. He described India’s approach to BRICS cooperation, including finance, as development focused, emphasising measures supporting trade and economic ties.
The use of local currencies within BRICS has increased, especially after Western sanctions on Russia. About 96% of India’s trade with Russia now takes place through established rupee-ruble mechanisms, according to Sberbank in India. Almost all trade between Russia and China is settled in yuan and rubles, Russian news agency Interfax reported.
