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RBI says sensitive to economic sanctions on Russia, no formal rupee-rouble payment platform in place yet

RBI says sensitive to economic sanctions on Russia, no formal rupee-rouble payment platform in place yet

The Reserve Bank is working with the government to thrash out a payment settlement solution for Indo-Russian trade, which is hit by the economic sanctions imposed on Moscow after it invaded Ukraine, but asserted that any such solution will be ‘sensitive’ to the prevailing economic blockade, the central bank said.

RBI Governor Shaktikanta Das was quick to add that it is a matter that the government has to deal with first, and as far as the central bank is concerned, obviously, we will not do anything which goes against the sanctions.

RBI Deputy Governor T Rabi Sankar said since the Ukraine war has disrupted trade and payments, we are discussing with all stakeholders, and at the same time, we are sensitive to the economic sanctions. If and when something is decided, we will announce it.

He also clarified that there is no new payment platform available between New Delhi and Moscow since the war erupted in late February.

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