India will begin to settle accounts with Russia in rupees
India gave permission to Russian banks to open accounts in rupees for trade settlements.
India will begin settling accounts with Russia from next week in its national currency, Ajay Sahay, director general of the Federation of Indian Export Organizations, told the Mint newspaper.
“A number of issues have been resolved. Exporters and importers began to apply to banks to open accounts. Trade settlements with Russia under the new payment system are expected from next week for some deliveries,” he said.
According to the publication, five or six banks have received permission to open special correspondent accounts (vostro accounts). There are already more than a dozen such accounts.
“For example, six vostro accounts have been opened at IndusInd Bank, which means that six different Russian banks have opened accounts with this bank,” the publication says.
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