India to bypass sanctions on Russia? Rupee to Ruble trade likely

India may be taking a step forward towards Putin as reports indicate the govt is working on a bilateral trade system with Russia that will bypass the sanctions. 

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Reports indicate that the government may soon give the green light to bilateral trade between Moscow and New Delhi to be conducted directly in Ruble-Rupee. This would bypasses the ban Russia is facing fromthe international payments system SWIFT.

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“The finance ministry and the RBI will take a call on how to peg the two currencies,” a senior government official told Business Standard .

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