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Will Intensify Efforts To Bypass Dollar-Based Payment System: Russian Minister Lavrov

Russia has developed a system to engage in trade in national currencies with countries like India and efforts to move away from the dollar-based payment system will intensify, Russian Foreign Minister Lavrov said on Friday.

Will Intensify Efforts To Bypass Dollar-Based Payment System: Russian Minister Lavrov
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Russia has developed a system to engage in trade in national currencies with countries like India and efforts to move away from the dollar-based payment system will intensify, Russian Foreign Minister Sergey Lavrov said on Friday.

Soon after holding talks with External Affairs Minister S Jaishankar, he said Russia is exploring ways to bypass impediments for bilateral trade with its allies and partners.

Lavrov said a rupee-rouble payment system for trade with India was put into place earlier and it could be strengthened further.

"More and more transactions will be done using national currencies and bypassing dollar-based system," he told a select group of reporters.

Asked about India's plan to buy discounted Russian oil, Lavrov said Moscow is ready to provide anything that New Delhi wants to buy.

The Russian Foreign Minister also complimented India for its position on the Ukraine crisis, saying it follows an independent foreign policy.

He said Russia is committed to continue with India its cooperation in defence sector.

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