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There is no rupee-rouble trade platform, clarifies RBI

Agencies | Updated on: Saturday, April 09, 2022, 09:24 PM IST

RBI Deputy Governor T Rabi Sankar said,
RBI Deputy Governor T Rabi Sankar said, "On the Indo-Russian trade, there is no platform that I am aware of. There are press reports, but there is nothing I am aware of."./ Representative Image | File photo
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The Reserve Bank of India (RBI) has clarified there is no platform to facilitate rupee-rouble trade and the central bank is in discussion with all the stakeholders in this regard.

Responding to a question during a press conference held on Friday, RBI Deputy Governor T Rabi Sankar said, "On the Indo-Russian trade, there is no platform that I am aware of. There are press reports, but there is nothing I am aware of."

"Anything that we do will be sensitive to the sanctions. So nothing specific, I mean the war has obviously disrupted trade and payments. We are discussing with all stakeholders and remaining sensitive to sanctions. If and when anything is decided you will come to know," Sankar told reporters.

It has been reported in a section of media that the RBI is in talks with Russia to develop a Rupee-Rouble transaction platform.

Sankar also clarified that there is no new payment platform available between New Delhi and Moscow since the war erupted in late February.

Any such payment mechanism involving rupee and rouble payments for imports and exports would help circumvent the sweeping economic sanctions imposed on Russia by the western nations, including freezing many key Kremlin officials' individual accounts and snapping Russian banks from the international payment gateway SWIFT.

Reacting to the issue, RBI Governor Shaktikanta Das said the RBI would not do anything that goes against the sanctions.

(With ANI inputs)

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Published on: Saturday, April 09, 2022, 09:24 PM IST