Govt may soon allow rupee-ruble trade; arrangement will bypass sanctions

The RBI is also likely to come up with a plan soon, and has collected information from Indian banks

The government may soon give the green light to bilateral trade between Russia and India in their national currencies to avoid any trade disruptions, multiple people aware of the matter said.

While the Department of Commerce has recommended the proposal, an announcement is likely to be made by the finance ministry after further deliberations between the Department of Economic Affairs and Department of Financial Services.

“The finance ministry will take a call on how to peg the two currencies,” a senior government official told Business Standard.

In the past, the two nations have had rupee-rouble trade, and when such an arrangement is implemented