12:06, 12 December 2022 Page views 790 views

India to start trade settlements with Russia in rupees

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India may begin international trade settlements with Russia in rupees, Mint writes, citing Head of the Federation of Indian Export Organizations (FIEO), Ajay Sahaya. According to him, trade settlements with Russia under the new payment mechanism are expected from this week for some supplies, and exporters and importers have already begun to apply to banks to open accounts. A source in the Indian government says five to six Russian banks have obtained permissions to open rupee accounts to facilitate international trade settlements.