Russia says there are no restrictions on Rupee-Ruble trade
As per the latest reports, Sergei Lavrov, the Russian foreign minister, will visit India soon. Moscow assured New Delhi that there will be no restrictions on settling transactions in the national currencies of the two countries.
Russian officials have also confirmed that the sanctions imposed by the US, UK, and EU on Sberbank, one of Russia’s largest lenders with a branch in India, do not pose any risk to Indian companies and financial institutions dealing with Sberbank.
A letter from the Russian embassy explaining the sanctions on Sberbank was sent to the ministries of external affairs, finance, trade and industry, and the Reserve Bank of India, which stated: “There is no restriction whatsoever regarding settlements in national currencies of Russia and India.”
In addition, Russia said that the bank’s international operations are conducted in an “ordinary manner,” subject to certain orders.
In accordance with the letter, Sberbank and its subsidiaries can conduct business with any financial institution except US and UK entities, and foreign branches situated in these two countries.