To circumvent sanctions, Moscow wants to open a Russian-controlled bank in India

The headquarters of the Central Bank of the Russian Federation in Moscow.

AFP - NATALIA KOLESNIKOVA

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This is the radical proposal made by Moscow to New Delhi to circumvent the sanctions imposed on the Russian banking system.

Since the start of the war in Ukraine, India has wanted to facilitate rupee-ruble transactions, but the Russian Central Bank wants to go faster.

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With our correspondent in Bangalore,

The more the conflict gets bogged down, the more India, a major buyer of arms and oil, becomes a crucial trading partner for Russia.

The problem is that trade is complicated by Russia's exclusion from the

The Indian Express

reveals this Saturday that the Governor of the Bank of Russia, Vladimir Chistyukhin, has offered to directly open a Russian-controlled bank on Indian soil.

This would allow Indian financial institutions to directly use the Bank of Russia's SPFS transaction system. 

“

 No progress has been made

 ”

India's foreign minister recently pledged to supply spare parts for Russian planes and trains.

But Russia is showing some dissatisfaction with financial harmonization with India, which it considers too slow.

“

 ,” Chistyukhin reportedly lamented. 

However, India opened nine so-called “Vostro” accounts in November.

Russian banks can use them to invoice directly in rupees without going through the dollar.

Among these is the bank of the Russian giant GazProm, Moscow having become India's leading oil supplier. 

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