There is no platform for rupee-rouble trade, clarifies RBI

During a press conference on Friday, RBI Deputy Governor T Rabi Sankar responded to a question by saying, “There are press reports, but there is nothing that I am aware of. But let me reiterate that anything that we do will be sensitive to the sanctions,” reported by PTI.

The deputy governor clarified that RBI is not aware of any formal or informal rupee-rouble payment mechanism. He pointed out that industry groups, banks, and everyone are trying to find a solution to how payments can be facilitated under the latest changed circumstances.

“We are discussing all options,” Sankar said to the reports.

Since the Russia-Ukraine war broke out, trade and payments have been impacted, to which, Sankar said, “we are discussing with all stakeholders, and at the same time, we are sensitive to the economic sanctions.”

Sankar said, “we also have to be sensitive to the sanctions,” but he added that they are discussing all these alternatives.

Once something is finalised you will get to know about it,” Sankar said.

Also, Sankar clarified saying there is no new platform available between New Delhi and Moscow since the war erupted in late February.

Meanwhile, RBI governor Shaktikanta Das added in the 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.”

Notably, any payment platforms involving rupee and rouble payments for imports and exports would help bypass the economic sanctions that the western countries imposed on Russia including freezing many key Kremlin officials’ individual accounts and also snapping Russian banks from the international payment gateway SWIFT.