India & Russia Settle $4 Billion in Local Currencies, Sidelines US Dollar

BRICS: India & Russia Settle $4 Billion in Local Currencies, Sidelines US Dollar

india russia flags brics
Source: Pixabay

Russian officials settled the $4 billion arms deal payment using India’s special Vostro bank accounts. BRICS member India has allowed access to 22 countries to pay in local currencies through the Vostro accounts, which is overlooked by the Reserve Bank of India (RBI). The trade deals are also helping Russia bypass the US sanctions and conduct business worth billions in local currencies.

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