The most important factor is to stabilize payments, simplify them, and launch payments in national currencies. At many forums, we are discussing how to intensify the possibility of payments in roubles and rupees. Hopefully these complex issues will be resolved in the near future — Sergey Cheremin, Minister, Head of the Department of Foreign Economic and International Relations of the City of Moscow, Government of Moscow; Chairman of the Board, Business Council for Cooperation with India.
I see great promise in launching a roadmap for the Shanghai Cooperation Organisation. In just over a week, I hope this roadmap will be approved by the heads of state and government at the next summit. Within the framework of this interaction, we will have a better chance to build a system of relations, rather than point projects, one-off solutions. <...> There is a big bet on the internationalization of the Chinese yuan. This currency, with due attention from the Chinese authorities and the willingness of Chinese partners, will also be used in Russian-Indian relations. However, the flagship project is the use of the Russian rouble — Sergey Storchak, Senior Banker, VEB.RF.
We already have a working mechanism which makes payments clear. Sberbank is also a competence centre for helping Russian companies enter the Indian market, and with financial support, we have experience in supporting company start-ups. We also help Indian companies with entering the Russian market. We are ready to finance non-commodity exports and imports, ready to consider such projects. The office is now in Delhi, and we plan to open another office in Mumbai in 2023. We are waiting for some liberalization steps from India, which will allow us to develop payments in national currencies, we see progress on both sides — Ivan Nosov, Branch Manager, Sberbank in India.