Banking & Finance Russia working to launch trade in UAE dirham and Indian rupee By Reuters September 9, 2022, 5:46 AM Creative Commons Hit by Western sanctions, Russia is actively shifting its trade out of dollars and euros and into the currencies of 'friendly' countries. The Moscow Exchange is working on a plan to launch trading in the Indian rupee but there are certain “obstacles” on the part of the Indian central bank, an exchange official said on Thursday. Daniil Korablev, head of sales to non-credit organisations, said on social media the launch was “not that simple” and may not happen this year. He did not specify the issues that needed to be resolved. The exchange was also working to launch trading in the United Arab Emirates’ dirham currency. “We are not ready to name the date, but we are working very actively,” he said. Hit by Western sanctions over Ukraine, Russia is actively shifting its trade out of dollars and euros and into the currencies of what it regards as “friendly” countries. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
