India, Russia Discuss CBDC Payments as Bilateral Trade Nears $60 Billion
The Reserve Bank of India and the Bank of Russia are examining direct digital settlements as bilateral trade nears $60 billion, Sberbank said.
- In New Delhi on Friday, Sberbank Chief Executive Officer Herman Gref announced "huge opportunity" for CBDC settlements between India and Russia, with The RBI and The Bank collaborating on this mechanism to facilitate bilateral trade.
- Bilateral trade reached nearly $60 billion in India's fiscal 2026, though a $50 billion imbalance remains weighted toward Russian energy exports, prompting both nations to explore CBDC-based settlements to address trade flow challenges.
- Russia launched its CBDC rollout on Sept. 1, while India has been testing its own CBDC since 2022; both nations are working precisely to integrate these instruments into their payment systems.
- These bilateral discussions sit within a broader BRICS effort to connect national payment systems, as Prime Minister Narendra Modi favors using CBDCs for trade without attempting to challenge major global currencies.
- The countries target $100 billion in bilateral trade by the end of the decade, and Gref emphasized the goal of bringing more Indian exports to the Russian market to balance these flows.
11 Articles
11 Articles
India, Russia Explore Using Digital Currency Payments for Trade
The head of Russia’s biggest lender said his country’s central bank is working with the Reserve Bank of India on a mechanism to use digital currencies to settle bilateral trade, in what would be a breakthrough for making cross-border payments faster and more efficient.
India, Russia discuss CBDC payments as bilateral trade nears $60 billion
India and Russia have begun working on a digital currency settlement mechanism for bilateral trade as their central banks examine how state-issued currencies could be used for cross-border payments. Sberbank Chief Executive Officer Herman Gref said the Bank of Russia…
India and Russia Explore Digital Currencies to Bypass Dollar Settlements
India and Russia are examining the integration of digital currencies into bilateral trade to bypass traditional cross-border settlement bottlenecks. This shift toward digital rubles and rupees aims to reduce reliance on the US dollar and Western financial infrastructure, aligning with broader BRICS goals to diversify payment mechanisms. Sberbank CEO Herman Gref noted that digital assets could accelerate trade expansion. However, the mechanism fa…
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