India and Russia are taking new steps to establish a bilateral trade settlement mechanism powered by central bank digital currencies (CBDCs). The collaborative plan to create a cross-border payment channel was revealed during a BRICS Summit session held in New Delhi.
Two major central banks are guiding development stages behind the scenes. Sberbank CEO Herman Gref disclosed that the Bank of Russia and the Reserve Bank of India (RBI) are actively finalizing the new digital payment framework. Sberbank will also act as an executing settlement institution to facilitate future fund flows.
“It is just beginning now, but we see great opportunities in digital currencies for all cross-border settlements,” Gref said, outlining the prospects of bridging financial infrastructure between the two nations.
A Solution for $60 Billion in Trade
Bilateral trade figures between India and Russia have steadily expanded, nearing the $60 billion mark. Trade flows of this magnitude have created an urgent need for an alternative settlement network, especially as continuous Western sanctions restrict Russia’s access to global financial rails.
Establishing an independent transfer route aligns closely with broader moves by the BRICS alliance. The economic bloc, in which both nations are members, has repeatedly sought to reduce reliance on the US dollar in trade, steering efforts toward payment mechanisms that can operate free from third-party jurisdictional regulations.
Readiness of the Digital Ruble and Digital Rupee
Both Russia and India have reached distinct milestones in their respective CBDC projects. The Russian government authorized the nationwide official rollout of the digital ruble on September 1, 2026.
India, on the other hand, boasts a longer timeline of CBDC experimentation. The Reserve Bank of India began testing the digital rupee in late 2022. The monetary authority launched a wholesale pilot in November, followed by a retail pilot in December. The RBI’s 2024-25 annual report outlined additional targets to explore cross-border applications.
The digital rupee’s circulating supply has steadily expanded from an initial 234.04 crore rupees. The RBI continues to develop regulatory blueprints for bilateral and multilateral fund flows following its report on international CBDC corridor pilots published in May 2025.
Unilateral Claims on the Table
For now, all updates regarding the integration of this new transaction route have come solely from Russian financial executives. As of this report, RBI officials have refrained from issuing any official response to confirm Gref’s statements regarding the active development of this framework.
Without confirmation from the Indian monetary regulator, no official timeline or target rollout date has been set for this multi-billion dollar payment channel. Reported via crypto.news.
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