Some small lenders have adopted settlement in the national currency, but large ones are wary of Western penalties Large Indian banks are avoiding direct transactions in rupees with Russia due to fear of being targeted by Western sanctions, Reuters reported on Monday, citing sources familiar with the matter. This comes less than a month after the State Bank of India had agreed to put in place a simplified rupee settlement mechanism aimed at boosting mutual trade. An Indian diplomat told the outlet that Russian banks had requested that India’s eight largest lenders organize settlement in the local currency, but had
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