Sputnik - This week, Russian President Vladimir Putin called Washington's sanctions policy a "colossal strategic mistake" which has only served to undermine the dollar's credibility as a global reserve currency.




India's Central Bank and Ministry of�Finance have been tasked with�exploring the feasibility of�rupee and barter-based trade agreements with�crude oil producing nations such as�Russia, Iran and Venezuela, the Times of�India has�reported, citing an official familiar with�the situation.

Citing one example, the official pointed to�a potential scheme of�trading Indian pharmaceuticals for�Venezuelan oil.
In its meeting on�Thursday, the Indian inter-ministerial panel headed by�Commerce and Industry Minister Suresh Prabhu also asked the Central Bank to�explore the possibility of�rupee-yuan trade with�China, trade deals using the euro instead of�the dollar, and the promotion of�gold-related initiatives, such as�gold-denominated savings accounts and sovereign bonds, and measures to�cut gold imports.


The panel also proposed the need for�barter and deferred payment arrangements with�Russia in�the trade of�raw diamonds.

The meeting came amid�a sharp slide in�the value of�the rupee against�the dollar this week, with�the Indian currency settling at�a record low of�73.81 rupees against�the dollar on�Thursday. The weakening currency combined with�rising crude oil prices have served to�widen New Delhi's trade and current account deficits.

India is the world's third largest importer of�crude oil, with�over 60 percent of�its imports coming from�the Middle East. The country's oil imports rose by�53.55 percent to $58.81 billion in�the first five months of�2018.

Speaking at�a Russia-India summit in�New Delhi on�Friday, Russian President Vladimir Putin�said�that Moscow was ready to�work with�India on�a series of�energy projects, including Far East LNG and Arctic LNG 2, as�well as�projects to�develop oil and gas fields in�Siberia, Yamal and the Russian continental shelf.

Friday's summit may lead to�new energy deals and a substantial growth in�the share of�Indian firms in�Russia's oil and gas sector, officials have said.

Speaking at�the Russian Energy Week forum in�Moscow earlier this week, Putin commented on�Russia's efforts to�reduce dependence on�the dollar in�trade, characterizing US sanctions policy as�a "colossal strategic mistake" which has served to "undermin[e] confidence in�the dollar as�a universal�reserve currency today." Last month, the chairman of�Russia's second-largest bank proposed a multi-step�'de-dollarization' plan�for�the Russian economy, which is expected to�appear on�Prime Minister Dmitry Medvedev's desk for�analysis sometime in�the next two weeks. Russia is one of�many countries looking to�reduce their dependence�on�the greenback amid�increasingly harsh US tariff and sanctions policy.