RBI discusses trade payment option with Russian banks
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A few days before US sanctions at Russian banks came into force on March 26, The Reserve Bank of India (RBI) this week held a meeting with officials of three Russian-VTB large financial institutions, Sberbank and Gazprombank – to explore the possibility of a trading payment mechanism between the two country.
One option, according to banking sources, is a deeper involvement of Russian banks that have a presence in India – especially VTB and Sberbank who run branch operations in Ind.
Bankers and regulators felt that the nature of sanctions in response to the Russian invasion to Ukraine was more serious compared to the sidewalks imposed on transactions with Iran. “It might not be possible to use UCO (as Bank Nodal) this time.
UCO has an operation in Singapore, which has announced financial measures targeted against the Russian banks and entities. There are several discussions in the industry about whether the bank is relatively smaller with the bank relatively smaller with no foreign operation that can play …
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