Rupee-Rouble Trade Agreement

With western countries imposing sanctions on Russia, even blocking its financial institutions from a vital, interbank messaging-system called the SWIFT, India and Russia have been working to fast track an alternative - Rupee-Rouble trade settlement mechanism.

About Rupee-Rouble Trade

• It is a payment mechanism which can allow Indian exporters to be paid in Indian rupees for their exports to Russia instead of standard international currencies such as dollars or euros.
• Under this arrangement, a Russian bank will need to open an account in an Indian bank while an Indian bank will open its account in Russia.
• This is being done to reduce ....