Why is India so keen on setting up a rupee-rouble payment scheme?

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NEW DELHI (CU)_Over the past month, the United States, together with several political allies, imposed sanctions on a host of Russian officials and entities, including some of the major Russian financial institutions like Sberbank and Gazprombank. It was in response to Moscow’s decision to invade Ukraine, which has been heavily criticised by some of the major economies in the West, as well as the Asia Pacific, although India has appeared to have taken a rather neutral stance on the matter.

While in its first statement in the UN Security Council (UNSC) New Delhi said calls to give diplomacy and dialogue a chance had…

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