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How Indian, Russian banks plan to bypass sanctions to facilitate trade

In a bid to ensure smooth flow of trade without violating the West's economic sanctions on Russia, the Indian banks will open accounts with their Russian counterparts, and vice versa

Lending, banks, credit, loans, cash, income, wage, earning
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Some members from the Russian delegation proposed to make transactions in rupee, requesting the Indian central bank to allow them to invest in Indian assets. (Photo: Bloomberg)

BS Web Team New Delhi
Canara Bank, Bank of Maharashtra, UCO Bank and other Indian banks are planning to tie up with Russian banks, which have not been sanctioned by the West, to facilitate bilateral payments, a media report said. 

To ensure smooth trade flow without violating the West's economic sanctions on Russia amid the Ukraine war, the Indian banks will open accounts with their Russian counterparts and vice versa, The Economic Times reported. 

The Reserve Bank of India will likely issue an operational circular to pave the way. 

An executive, who attended last week's meeting in New Delhi, where officials from the Centre, RBI

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First Published: Jun 20 2022 | 1:49 PM IST

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