Business Standard

Rupee-rouble deal with Russia likely to be fortified after SWIFT freeze

One way to deal with Russia is to reinforce the rupee-rouble account, advised bankers

SWIFT payment system
Premium

Manojit Saha Mumbai
The central government is planning to strengthen the rupee-rouble trade arrangement with Russia after the European Union, the US, and other Western partners decided to cut off several Russian banks from the global Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system.

On Saturday, European countries and the US decided to block many Russian banks' from accessing SWIFT, following Russia's assault on Ukraine. The move was intended to force a military pull-back, isolate and dessicate President Vladimir Putin’s ambitions of financing the war.

SWIFT is a secure messaging system that facilitates rapid cross-border payments and is the principal mechanism for financing international

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Feb 28 2022 | 6:10 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com