Russia is facing a long crisis due to its involvement in Ukraine and corresponding sanctions from US and Europe, The currency "Ruble" with was 30-32 to a US$ has now sunk to 68/USD and its credit rating is turned to junk. All the important groceries and vegetable imported from Europe and US are now touching the roof.
In such position India can present itself as a better alternative to purchases from the US or Europe. Indian currency is now nearly equal to the ruble and thus the trade can be conducted in Rupee/Ruble denominated manner. During the Soviet Union times the Russians used to take Rupee as an accepted medium of payment and similar lines can be used for Rupee/Ruble swap if required. Indian Rupee is now quite stable and can provide an anchor to the falling Ruble and other currencies of CIS countries.
In such position India can present itself as a better alternative to purchases from the US or Europe. Indian currency is now nearly equal to the ruble and thus the trade can be conducted in Rupee/Ruble denominated manner. During the Soviet Union times the Russians used to take Rupee as an accepted medium of payment and similar lines can be used for Rupee/Ruble swap if required. Indian Rupee is now quite stable and can provide an anchor to the falling Ruble and other currencies of CIS countries.
