The government isn’t planning to undertake bilateral trade with Russia through a rupee-rouble payment mechanism in the wake of the Ukraine crisis, commerce secretary BVR Subrahmanyam said on Wednesday.
He, however, said the government is trying to ensure payments for exporters, who had supplied goods to Russia before the war broke out in late February, are not stuck.
“All we are trying to do is to facilitate the payment for our exporters. Even this is not being done through the rupee-rouble mechanism but by involving non-sanctioned (Russian) banks. The panel of secretaries that is looking into this issue, of which I am a member, isn’t considering any such proposal (rupee-rouble trade),” Subrahmanyam said, scotching reports in a section of media that India may get into such an arrangement with Russia.