Senior Russian officials called for closer financial cooperation with India and outlined ambitions for a new international financial architecture driven by national and digital currencies, even as global markets remain volatile
Addressing the Russia‑India Capital Markets Integration Forum in Mumbai, Sergey Glazyev, State Secretary of the Union State of Russia and Belarus, said Russia is seeking to overcome currency conversion barriers and expand participation in each other’s capital markets.
“We should create a new financial architecture which is based on national currency and international transparency and trust to each other,” Glazyev said, emphasising the need for integrated payment systems and eventual adoption of digital currencies in cross‑border trade and investment.
Glazyev framed his comments against a backdrop of ongoing global economic uncertainty, including conflict in the Middle East, asserting that power in the world economy would increasingly shift toward South and East Asia, with India emerging as a key player. “The focus of the world economy will shift to South and East Asia,” he said, linking broader geopolitical changes to the need for financial system innovation.
