Russia does not seek “de-dollarisation” and is open to using any acceptable method of payment, Kremlin spokesperson Dmitry Peskov said on Tuesday, ahead of the BRICS leaders' summit in New Delhi.
Speaking virtually to Indian reporters, Peskov said some countries were using their national currencies as a political tool, without naming any specific country.
His remarks come days before Russian President Vladimir Putin is set to travel to New Delhi for the BRICS summit, scheduled for September 12-13.
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Putin To Meet PM Modi
Putin will participate in the summit and is expected to focus on issues including security, the economy, finance and culture, Peskov said.
The Russian president will also hold bilateral talks with Prime Minister Narendra Modi on Friday. Trade and economic cooperation are expected to form a major part of the discussions, according to Peskov.
The two countries are also discussing cooperation in the exploration of rare earths, he added.
90% Of Russia-BRICS Transactions In National Currencies
Peskov said around 90% of transactions between Russia and other BRICS countries are already being conducted in national currencies.
He also addressed the issue of Russian companies accumulating excess Indian rupees as a result of bilateral trade being settled in the two countries' national currencies. According to Peskov, the issue is being “gradually” resolved.
Russia and India have increasingly relied on national currencies for bilateral trade amid challenges surrounding international payments and Western sanctions on Moscow.
Peskov said Russia's approach was not aimed specifically at replacing the US dollar, but at remaining open to different payment mechanisms.
Su-57 Fighter Jet Sale On Bilateral Agenda
The possible sale of Russia's Sukhoi Su-57 stealth fighter jet to India is also on the bilateral agenda, Peskov said.
The Su-57 is Russia's advanced fifth-generation fighter aircraft, and discussions over its potential sale come as India continues to evaluate options for strengthening and modernising its military capabilities.
BRICS Summit In New Delhi
The BRICS grouping currently comprises Brazil, Russia, India, China and South Africa, along with Ethiopia, Egypt, Indonesia, Iran and the United Arab Emirates.
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With Putin's visit, trade, payments, defence cooperation, rare earths and broader economic ties are expected to feature prominently in discussions between India and Russia.
The Kremlin's position highlights its support for greater use of national currencies and alternative payment mechanisms while maintaining that Russia is not pursuing de-dollarisation as a formal policy.
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