The global tendency of the U.S. dollar rejection in payments is widely enlarging. The government of India is planning to quit slowly the use of the currency in the financial payments with Russia. Three ministries are to work on this issue, including the Ministry of Finance, Trade and Industry, as well as the Ministry of Foreign Affairs. Giving the importance of the matter, the decision will be taken in the nearest future. Indian exporters are forcing the changes and they keep repeating that they do not have time for a long wait because the diving ruble hurts Indian export. It was not an instantaneous decision; the matter was discussed even before the ruble's drop. At that moment, Indian export companies experienced the problems due to the sharp decline of the product demand in the USA. Moreover, the European crisis and manufacturing decline in Japan harmed the foreign trade. The new way of the settlement payments between India and Russia will be beneficial to the pharmaceutical manufacturers, agriculture and engineering companies. There is already an approximate alternative for the possibility of the settlement operations in the rupees and rubles. The escrow account is also under the consideration. It was used in the USSR times, but it was rejected due to the futility. There is a scheme which is similar to the one used in Iran, allowing buying the crude oil bypassing the Western sanctions. India is not the only trading partner of Russia which plans to balk the use of EUR/USD currency pair. This question is already negotiated with the government of China.
