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Rupee settlement system for Russian shipment to be tested next week

Updated: Dec 12, 2022 10:28:16am
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New Delhi, Dec 12 (KNN) Ever since the launch of Rupee settlement system by Reserve Bank of India (RBI), Indian exporters are expecting shipments to Russia to be settled in rupees next week, reported Mint.

Lately the sanction-hit Russia has increased inquiries for products such as drugs and automobile parts as the war in Ukraine enters its 10th month.

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According to Federation of Indian Export Organisations (FIEO) director general Ajay Sahai a number of issues have been sorted out. 

“Exporters and importers have begun approaching banks for opening of the accounts," he said.

Sahai informed that, hence trade settlement with Russia under the new payment system is expected from next week for some shipments. 

This assumes significance amid a widening trade gap between Russia and India. (KNN Bureau)

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