The United States and its allies have imposed various economic sanctions on Russia since Russia invaded Ukraine. In such a situation, some media reports have said that India is setting up a Rupee-Ruble trading platform with Russia.
The Reserve Bank of India (RBI) has clarified that there is no platform for rupee-ruble trading and the central bank is in discussion with all stakeholders in this regard. Responding to a question in this regard, RBI Deputy Governor T Ravi Shankar said, “I know that there is no such platform for India-Russia trade. There are press reports, but as far as I know, there is no such thing.”
Sensitive to sanctions: T Ravi Shankar
“Whatever we do, we will be sensitive to sanctions,” Shankar said. So nothing special, I mean the war has clearly disrupted trade and payments. We are in discussion with all stakeholders and sanctions. You will know when and where something will be settled.”
What did the media reports say?
Some media reports say that the RBI is in talks with Russia to develop a ruble transaction platform. Shankar also clarified that no new payment platform was available between New Delhi and Moscow since the war broke out in late February.
Importantly, any payment method involving rupee and ruble payments for imports and exports would help avoid macroeconomic sanctions imposed on Russia by Western countries, including the freezing of personal accounts and international payments of some key Kremlin officials. includes doing. Including the exclusion of Russian banks from Gateway SWIFT.
Responding to the issue, RBI Governor Shaktikanta Das said that RBI will not do anything against the restrictions.