The Russian lender, which likely escaped the West’s scanner because of its insignificant presence in Europe’s richer neighbourhoods and other developed economies, has opened a rupee account with nearly three dozen Russian companies settling payments for trades with New Delhi.
Yes Bank and Russia’s Petersburg Social Commercial Bank (PSCB) have taken the lead in facilitating rupee-rouble bilateral trade …

India may give incentives to exporters settling trades using rupees to boost the acceptability of the currency and increase the sales of goods to Russia, which has fallen because of western sanctions, according to government and industry sources.
The move is designed to boost Russian trade after the Reserve Bank of India (RBI) put in place a mechanism for international trade settlements using the rupee last month …

Russian importers are reaching out to small Indian businesses to secure fresh produce, auto parts, medical devices and other key goods that are growing scarce due to international sanctions, people familiar with the matter in both Russia and India said.
Private sector players in Russia have met with potential suppliers in India’s big cities and are opening specialised bank accounts …

Some Indian businesses and banks are using an old trade playbook they had relied upon during the US embargo on Iran to sidestep the sanctions on Russia. With New Delhi and Moscow yet to cobble together a kosher mechanism for rupee-rouble trade, exporters and importers are turning to UAE, which offers a flourishing transhipment point and a money market where multiple currencies are freely converted …

Russia’s state-owned development bank VEB and the Reserve Bank of India (RBI) have likely finalized an alternative transaction platform to facilitate bilateral trade after Western sanctions firewalled Moscow’s access to the globally used Swift banking platform, two people familiar with the matter told ET.
The new payments system will likely be installed at the headquarters of both the RBI and the VEB, the latter also known globally as the State …