Reserve Bank of India governor Shaktikanta Das on Friday met finance minister Nirmala Sitharaman, the finance ministry said. While there is no official word on the deliberations, it comes at a time when the government is considering various options to avoid any delay or default in payments to exporters in the wake of the Russia-Ukraine conflict. Western nations, led by the US, had on February 26 decided to block certain Russian banks from the SWIFT financial-messaging infrastructure for cross-border payment for its military operations in Ukraine.
Exporters have urged the government to allow the rupee-rouble trade to bypass any such sanction and smooth flow of payment for their supplies. However, sections of Indian trade are worried the sharp weakening of the Russian currency in recent weeks will make it difficult for them to firm up contracts unless volatility in its movement abates.
However, as sources have said, any such mechanism in the aftermath of western sanctions on Moscow has strategic ramifications for New Delhi. So, the ministry of external affairs, too, will pitch in with its advice, along with the ministries of commerce and finance and the central bank.