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Bank of Russia, RBI to ready framework for trade
March 31, 2022
Russian central bank officials are expected to meet their counterparts from the Reserve Bank of India (RBI) to create a regulatory framework that will assist with sustaining bilateral trade and banking operations despite the worldwide sanctions against Moscow, four individuals familiar with the developments told ET. They are likely to work with the formation of a dedicated payment mechanism to facilitate India’s energy purchases from Russia.
Since the creation of a rupee-rouble exchange channel is probably going to feature in the talks, the team of officials from Moscow may likewise include representatives from Russia’s monetary area. A formal meeting between the RBI and visiting Russian officials is expected as soon as possible, with the trade and external affairs ministry preparing board contours of the proposed Indo-Russian collaboration in the context Western sanctions against Russian banks.
“The government has given in a principal green light for the INR-rouble trade, and it presently should be brought under a regulatory framework. This meeting will be first in the direction,” said one individual referenced previously.
The visit, a broad spectrum of economic and banking issues, has become essential after the West took steps to financially commercially isolate Moscow in the aftermath of the war in Ukraine.
“Such a Russian delegation would be coming to India after a gap of over a half year as the situation currently warrants it,” said a senior executive associated with the bilateral economic cooperation. Given the current conditions, the meeting assumes significance, the person said.
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