India may be taking a step forward towards Putin as reports indicate the govt is working on a bilateral trade system with Russia that will bypass the sanctions.
Also read/watch | Bitcoin in war: U.S. to impose sanctions on cryptocurrencies?
Reports indicate that the government may soon give the green light to bilateral trade between Moscow and New Delhi to be conducted directly in Ruble-Rupee. This would bypasses the ban Russia is facing fromthe international payments system SWIFT.
Also read/watch | EJ Explains: Why in the Russia-Ukraine war, economic sanctions may not work
“The finance ministry and the RBI will take a call on how to peg the two currencies,” a senior government official told Business Standard .
Also read/watch | Russia Ukraine Crisis: How Bitcoin and other crypto becoming critical in the war