First to firm up the Rupee-Rouble
The government and the Reserve Bank of India (RBI) will need to guide the banking system through the evolving situation. Although climbing up the ranks, India's trade with Russia is not in the same league as that with the US and the EU. Getting the financing mechanism off the ground is the first hurdle. Settling the rupee-rouble exchange rate and deciding what to do about the lopsided trade are bigger issues.