India is in search of efficient tools to skirt around the latest penalties imposed on Russia over the conflict in Ukraine, as New Delhi looks to keep trade with Moscow going on.

Among the options being considered are making settlements via foreign financial institutions that don’t operate in countries that have supported the punitive measures against Russia, routing payments through minor Russian lenders unaffected by the SWIFT ban, and boosting its rupee-ruble arrangement.

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Russian banking majors Sberbank and Gazprombank have been exempted from the latest sanctions so far due to their essential role in processing payments for the EU’s gas and oil imports from Russia.

We are looking into this. Even if these banks face sanctions from the US, payments can be made in euros as these transactions are still being carried out until further sanctions.

Repaying Russian debt through a rupee auction held by the Bank of Russia is reportedly another option under consideration. Such a repayment is made through the exports of identified commodities and services.

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In 2014, India and Russia agreed to make payments through the rupee-ruble trade after India faced a threat of secondary sanctions over a defense agreement with Russia. Washington has once again threatened New Delhi with sanctions over the arms deal this week

Bilateral trade between India and Russia amounted to $8.1 billion in the fiscal year ended March 2021, with exports to Russia at $2.6 billion and imports at $5.5 billion.

RT. com / ABC Flash Point News 2022.

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Factum
Factum
Guest
05-03-22 16:23

Bye bye Dollar.

WhoBenefits
WhoBenefits
Guest
Reply to  Factum
05-03-22 16:24

𝕎𝕙𝕒𝕥 𝕒 𝕣𝕒𝕣𝕖 𝕤𝕞𝕒𝕣𝕥 𝕥𝕙𝕚𝕟𝕘 𝕄𝕠𝕕𝕚 𝕙𝕒𝕤 𝕖𝕧𝕖𝕣 𝕕𝕠𝕟𝕖!
𝔸𝕝𝕥𝕙𝕠𝕦𝕘𝕙, 𝕙𝕖 𝕨𝕚𝕝𝕝 𝕓𝕖 𝕛𝕦𝕕𝕘𝕖𝕕 𝕠𝕟 𝕝𝕠𝕟𝕘 𝕣𝕦𝕟, 𝕓𝕦𝕥 𝕒 𝕘𝕠𝕠𝕕 𝕤𝕥𝕒𝕣𝕥 𝕙𝕖𝕣𝕖!

WhoBenefits
WhoBenefits
Guest
Reply to  WhoBenefits
05-03-22 16:26

comment image?wmark=nzz

Plato
Plato
Guest
05-03-22 16:24

Freedom is a Myth