Russia offers India a way of bypassing Western sanctions
May 2, 2022, 7:15 am

Russia offers India a way of bypassing Western sanctions

Moscow offers India a way of bypassing Western sanctions. It reportedly wants dollar payments for oil, ruble or rupee for rest (Photo: Pixabay)

The We For News reported, Moscow has reportedly proposed a plan for India to pay for Russian oil in US dollars or euro, while using a rupee-ruble-denominated mechanism for other goods.

The new mechanism is designed to allow more trade in local currencies as economic pressure mounts on Russia over its military operation in neighboring Ukraine, according to people with knowledge of the matter quoted by Bloomberg.

The proposals were reportedly discussed between Russian central bank officials and their Indian counterparts with the participation of officials from the finance ministry.

On Saturday (Apr 30), Indian External Affairs Ministry spokesperson Arindam Bagchi confirmed that an inter-ministerial group is looking at resolving issues relating to payment mechanisms with Moscow in order to stabilize the country’s economic engagement with Russia.

A dried fish seller in a Russian market (Photo: Pixabay)

India is among a number of major economies that have kept trading with Russia since the launch of the operation despite mounting pressure on New Delhi from Western nations to scale back its economic and military ties with Moscow. India has not publicly condemned the operation so far.

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India’s imports from Russia rose to $8.69 billion in the first 11 months of the 2021-22 financial year, which is 58% higher than the total imports of $5.48 billion recorded in the full financial year 2020-21, the Indian government reported earlier this month. Meanwhile, exports to Russia rose to $3.18 billion in the period from April to February in 2021-22 from $2.65 billion.

Source: wefornews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”