India explores ‘rupee-rouble’ exchange scheme to beat Russia sanctions | Financial Times

India’s central bank is in initial consultations on a rupee-rouble trade arrangement with Moscow that would enable exports to Russia to continue after western sanctions restricted international payment mechanisms.

“We have requested the government to have [the rupee-rouble] arrangement,” Dr A Sakthivel, president of the Federation of Indian Export Organisations (FIEO), told the Financial Times. “So [the] government is working on it. Very soon I think we’ll get this.”

India explores ‘rupee-rouble’ exchange scheme to beat Russia sanctions | Financial Times