India, Russia suspend talks on Indian rupee settlement

Indian government officials and people familiar with the matter said on May 4 local time that India and Russia have suspended negotiations on the use of Indian rupees for settlement. It means that India’s intention to import oil and coal from Russia at a lower cost has suffered a setback. It is reported that the two sides are currently looking for alternatives.

Russia is reluctant to hold rupees and wants to pay in other currencies, one of the Indian officials said.