Russia and India have begun developing a mechanism to use central bank digital currencies for bilateral trade payments, with the Bank of Russia and the Reserve Bank of India working directly on the proposal, Sberbank Chief Executive Officer Herman Gref said. Russia began a wider digital ruble rollout on Sept. 1, while India has tested its e-rupee since 2022 and has examined cross-border uses for the currency. The effort coincides with BRICS discussions on linking national payment systems and using digital currencies for trade settlements. Bilateral trade reached nearly $60 billion in India’s fiscal 2026, driven largely by Russian energy exports, and the countries are targeting $100 billion in trade by the end of the decade. Gref said Russia’s prior accumulation of rupees from trade is no longer a significant problem, as Russian companies have found ways to use the funds, including investments in Indian federal government securities.