India is preparing to move to start paying for Russian gas in rubles.

According to The Economic Times, the Central Bank of Russia and the Reserve Bank of India, in the face of sanctions against the Russian Federation, “already create the necessary regulatory framework and mechanism for mutual settlements in the Russian currency.”

In addition, as reported by Bloomberg, India is already considering a proposal from Russia to use the Russian alternative to SWIFT in bilateral trade - the Financial Message Transfer System (SPFS) - for settlements in national currencies. In accordance with the proposed scheme, it is planned to place rubles on an account in an Indian bank, then convert them into rupees, and vice versa.