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India and Russia Advance Digital Currency Trade Settlement

By Markets Desk · 2026-09-12 · Updated 2026-09-12 18:05 UTC
Two interlocking gears made of polished metal, symbolizing the synchronization of financial systems
Illustration: Tradingbird

Sberbank CEO Herman Gref confirmed that India and Russia are developing a digital currency settlement mechanism to streamline bilateral trade, addressing the over $50 billion trade imbalance. He noted that Russian firms have successfully utilized accumulated rupees, partly through investments in Indian government securities, while the BRICS summit in New Delhi continues to focus on reducing reliance on Western-dominated payment networks.

  • Gref added that the accumulated rupee imbalance is no longer a major hurdle, noting that Russian firms have found viable uses for the funds, including investments in Indian government securities. The Sberbank CEO also emphasized the need to boost Indian exports to Russia to correct the significant trade deficit, which currently stands at over $50 billion.

    Source: TradingView

  • Sberbank CEO Herman Gref confirmed that the Reserve Bank of India and the Russian central bank are developing a mechanism for digital currency payments in bilateral trade.

    Source: economictimes.com
Based on reporting by economictimes.com and TradingView, compiled by the Tradingbird desk.

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