Large Indian lenders shun rupee mechanism in Russia trade-sources

Reuters ^ | October 10, 2022 | Nupur Anand and Rupam Jain

[familyop]

An Indian diplomat in Russia said Russian banks had reached out to eight large Indian counterparts to set up rupee trade settlements, but the Indian banks had not responded...One of them, a senior executive at a large state-owned bank, said using such a settlement mechanism could be a violation of some sanctions rules. "They (Western nations) can impose a sanction on us, it will be a major business and reputational loss," said the banker.

[Cronos]

Exactly. Not worth the effort

[patriotfury]

Russia is feeling the squeeze —

[tomkat]

So what about the skinny Indian lenders ??   ;-)