After facing secondary sanctions over a weapons pact with Russia, India and Russia decided to arrange payments through the rupee-ruble exchange in 2014. Faced with a similar situation in the present, it is going to be interesting to see how India and Russia plan to bypass the dollar.
According to media sources, India is looking for effective means to get over the recent sanctions placed on Russia over the Ukraine crisis in order to preserve commerce with Moscow.
Trying to make settlements through foreign financial organizations that do not conduct business in nations that have backed the retaliatory sanctions against Russia, reconfiguring payments through minor Russian lending institutions undamaged by the SWIFT restriction, and bolstering its rupee-ruble agreement in place were amongst the alternatives reportedly being deemed.
Owing to their critical role in processing payments for the EU's gas and oil imports from Russia, Russian banking giants Sberbank and Gazprombank ...
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