Highlights

  • Reports: The RBI is also likely to come up with a plan soon, and has collected information from Indian banks
  • Direct trade with Russia would reduce cost on commodities for India

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India to bypass sanctions on Russia? Rupee to Ruble trade likely

The government may soon give the green light to bilateral trade between Russia and India

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

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