The Hindustan Times on 4th May reported that a team of senior defence officials led by the Defence Secretary has been in Russia and one of the issues discussed was the payment channel.  India may use a mix of Euros and a Rupee-Rouble transfer to pay for new defence platforms it is buying (or which it has recently bought) from Russia.  Over next few years, India will have to pay approximately $7 billion to Russia for weapon systems.  Payment in Euros to Russia isn’t entirely risk-free because it will have to be made through the SWIFT system and attract sanctions.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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