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More Cracks On Russian Sanctions

 

CNBC: India’s rupee-ruble trade arrangement with Russia may be ready in a week, says export body chief 

* India’s finance ministry and the Reserve Bank of India have not commented so far on the mechanism, which would let Indian exporters continue their business with Russia even after Western sanctions restricted international payment mechanisms. 

* There have been consultations between the central bank governor, the finance minister and banks, said A Sakthivel, president of the Federation of Indian Export Organisations. 

* However, continued trade with Russia risks angering Western nations, including the U.S., which have imposed sanctions on Moscow for its attack on Ukraine. 

India is expected to announce a payment arrangement that would allow trade with Russia to continue, the president of an Indian exporters’ association told CNBC’s “Street Signs” on Wednesday. 

The so-called rupee-ruble trade mechanism could come as early as next week, according to A Sakthivel, president of the Federation of Indian Export Organisations (FIEO).  

Read more ....  

Update #1: Russian oil sale to India complicates Biden’s efforts (Al Jazeera)  

Update #2: India buys 3 million barrels of Russian oil: report (The Hill)  

WNU Editor: India and China are not the only countries buying Russian oil .... Not just India & China, many European nations too: Who all are still buying Russian oil? (Times of India).



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