NEW DELHI: India is proposing to settle trade with Russia in rupees, according to a person with knowledge of the matter, as the South Asian nation presses ahead with purchases of oil and weapons from the sanctions-hit country.
New Delhi plans to use about $2 billion equivalent of rupees deposited at Russia’s state-controlled VTB Bank PJSC and Sberbank of Russia PJSC, the person said, asking not to be identified as the deliberations are private.
