Russian, Indian banks working on new trade mechanism

Share:

India’s UCO Bank and Yes Bank are in talks with several Russian lenders over a new payment mechanism.

Russian, Indian banks working on new trade mechanism


The banks are trying to work out a currency pair for the payments, with the options being the Indian rupee paired with the Russian rouble or Saudi Arabia’s riyal, a senior official told the Economic Times.


Earlier it was reported by Reuters that large Indian banks were avoiding direct transactions in rupees with Russia due to fear of being targeted by Western sanctions.

No comments