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India explores payment options to continue trade with Russia

India explores payment options to continue trade with Russia

New Delhi, Mar 4 (Prensa Latina) India is examining all possible payment mechanisms to continue trade with Russia, in addition to the means adopted to settle payments with Iran, it was disclosed today. Among the options being studied are foreign banks not operating in the countries that imposed sanctions on Moscow or routing payments through Russian banks not affected by restrictions, The Economic Times wrote.
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Third-country banks were also used to settle trade with Iran, the newspaper added.

Two major Russian lenders, Sberbank and Gazprombank, are exempted from sanctions as they are the main payment channels for European Union oil and gas imports from Russia, the newspaper noted.

Even if these financial institutions face U.S. sanctions, payments can be made in euros, as these transactions continue to be carried out until new sanctions are applied, an official said, adding that the full impact of the restrictions is yet to be seen.

Trade between India and Russia is about $10 billion annually, accounting for 1.3 percent of the South Asian country’s total trade.

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