India to Finalize Alternative Payment System for Trading With Sanction-Hit Russia

India to Finalize Alternative Payment System for Trading With Sanction-Hit Russia
Russian President Vladimir Putin shakes hands with India's Prime Minister Narendra Modi during a joint press conference ahead of the Eastern Economic Forum in Vladivostok on Sept. 4, 2019. Mikhail Metzel/AFP via Getty Images
|Updated:

India is finalizing an alternative payment system that will allow it to continue trading with Russia, which has been subjected to a barrage of Western sanctions since its invasion of Ukraine, an Indian newspaper reported on March 13.

The Indian government is finalizing a bank to set up an alternative payment system that will allow Russia to deposit rubles while India deposits rupees, an official familiar with the matter told Hindustan Times.
Related Topics