Discussion with Russia on alternative payment mechanism: India

India on Thursday asserted that it had established economic relations with Russia and political colouring should not be attributed to the engagement.

The comments by External Affairs Ministry Spokesperson Arindam Bagchi came in response to questions on growing criticism of New Delhi by several Western powers on its trade ties with Moscow notwithstanding the crisis in Ukraine.

At a media briefing, Bagchi said India has been very open about its engagement with Russia and even cited continuing procurement of crude oil from Russia by Europe.

“We have established economic relations with Russia and our focus is on stabilising this established economic relations in current circumstances,” he said.

Bagchi said discussions are underway to see what kind of payment mechanism can work between India and Russia in the current circumstances. India on Thursday asserted that it had established economic relations with Russia and political colouring should not be attributed to the engagement.

(Copy to be updated)

(With Agency inputs)