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By 1150 GMT, the rouble was 0.6% stronger against the dollar at 99.17, having hit 100.2550 in early trade, a more than seven-week low. "There is still no cause for concern," Kremlin spokesman Dmitry Peskov told reporters. "Expensive oil and an increase in the key rate are improving the outlook for the rouble, but in the medium-term," Promsvyazbank analysts said. They expected the rouble to make a short-lived move beyond 100 to the dollar in the absence of new support measures from the authorities. "This level (100) is not a technical resistance, it's an important psychological barrier," said Alor Broker's Alexei Antonov.

Persons: Maxim Shemetov, Dmitry Peskov, Brent, Vladimir Putin's, Alexei Antonov, Lidia Kelly, Alexander Marrow, Andrew Heavens, Alison Williams Organizations: REUTERS, Bank of Russia, Reuters, Thomson Locations: Russian, Moscow, Russia, Ukraine, Melbourne, London

☆ Russian ruble weakens past symbolic threshold of 100 against the dollar
▼ + stars: | 2023-10-03 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A woman looks at a board showing the rates of dollars and euros against the ruble in front of the exchange office on February 19, 2023, in Moscow, Russia. Russia's economy is beginning to feel the weight of Western sanctions, following the start of the war against Ukraine. The Russian ruble weakened beyond a symbolic threshold of 100 to the U.S. dollar in the early hours of Tuesday as foreign currency outflows and a shrinking balance of trade continue to weigh on the currency. The ruble recovered slightly through the morning, and was hovering just above 99.5 versus the greenback by around 8 a.m. London time. When the ruble last weakened into triple digits in August, the Bank of Russia called an emergency meeting to hike interest rates by 350 basis points to 12%.

Persons: Vladimir Putin's Organizations: Ukraine, U.S, Bank of Russia, Bank of Locations: Moscow, Russia, London, Russian, Bank of Russia

☆ Frozen Russian assets should be taxed to fund Ukraine's rebuild, Treasury Secretary Janet Yellen says
▼ + stars: | 2023-09-22 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Janet Yellen signaled her support for a plan to tax profits made on frozen Russian assets this week, according to Bloomberg. Any money made would be used to help fund the reconstruction of Ukraine. The trading bloc's leaders want to levy any profits made on state-backed investments, and then use the money raised to help fund the rebuild of Ukraine. "This seems like a reasonable proposal," Yellen told the outlet. The money raised could be use to help fund the reconstruction of Ukraine.

Persons: Janet Yellen, ”, Yellen, Christine Lagarde Organizations: Bloomberg, Service, European Union, EU, Bank of Russia, European Commission, World Bank, United Nations, European Central Bank Locations: Ukraine, Wall, Silicon, Kremlin, Moscow's, France, Germany

☆ Russian c.bank governor speaks against reintroducing currency restrictions
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Elvira Nabiullina, Governor of Russian Central Bank, speaks to the media during the conference "10 years of the Megaregulator: yesterday, today, tomorrow" in Moscow, Russia September 1, 2023. REUTERS/Evgenia Novozhenina/File photo Acquire Licensing RightsMOSCOW, Sept 15 (Reuters) - Russian Central Bank Governor Elvira Nabiullina spoke out against reintroducing currency controls after hiking rates to 13% on Friday, warning that such steps were inefficient and ultimately would be circumvented. Nabiullina said that discussions about currency restrictions were underway, but were largely for the government to decide. "Administrative restrictions, if they are effective... then they are usually effective only for a limited time," Nabiullina said. Similarly, she said, repatriating FX revenues from foreign banks to Russian ones would have no impact on the rouble rate.

Persons: Elvira Nabiullina, Evgenia, Russian Central Bank Governor Elvira Nabiullina, Nabiullina, Vladimir Putin, Elena Fabrichnaya, Alexander Marrow, Vladimir Soldatkin, Anastasia Lyrchikova, Mark Trevelyan Organizations: Russian Central Bank, REUTERS, Rights, Russian Central Bank Governor, Bank of Russia, Thomson Locations: Moscow, Russia

☆ Russia will increase foreign currency sales 830% as deadline for Eurobond repayment nears
▼ + stars: | 2023-09-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russia's central bank said it will increase its foreign currency sales by 830% later this month. The sales will help Russia repay a $3 billion Eurobond that is due on September 16. The offloaded foreign currency will also help calm ruble volatility, the central bank said. Between September 14 and 22, the Bank of Russia will sell 21.4 billion rubles worth of foreign currency a day into the domestic market, up 830% from a planned 2.3 billion. This will total 150 billion rubles worth of foreign currency, or $1.5 billion.

Persons: Wagner, Elvira Nabiullina, Anton Siluanov Organizations: Service, Bank of Russia, Bolshevik, Kremlin, Moscow Times, Reuters Locations: Russia, Wall, Silicon, Russia's, Moscow, Ukraine

☆ Rouble weakens past 95 vs dollar amid capital controls speculation
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

The newly designed Russian 100-rouble banknotes are seen at the Goznak printing factory in Moscow, Russia July 6, 2022. It reached a near 17-month low of 101.75 against the dollar on Monday and briefly traded at 92.60 on Tuesday morning. Authorities are discussing bringing back the compulsory sale of foreign currency revenues for exporters, five sources told Reuters. Beyond rate hikes and capital controls, Moscow has some other options, though none particularly favourable. For Russian equities guide seeFor Russian treasury bonds seeReporting by Alexander Marrow; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: Russian rouble, rouble, Alexander Marrow, Toby Chopra Organizations: Moscow News Agency, Handout, Bank of, Authorities, Brent, Thomson Locations: Moscow, Russia, Russian, Bank of Russia

☆ Russia's inflation spike sets Kremlin and central bank on collision course
▼ + stars: | 2023-08-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

Russia's President Vladimir Putin (L) and Russian Central Bank Governor Elvira Nabiullina Alexei Nikolsky\TASS via Getty ImagesRussia's rising inflation and plunging currency have spotlighted an emerging discord between the Kremlin and the country's central bank. Analysts suggested the government's direct strong-arming of the central bank into monetary policy action was a sign of the problems faced by the country's economy. In other words, the Russian currency has entered a vicious circle that it will struggle to escape from." This is because the negative factors behind the weakening currency are largely outside the control of the Central Bank of Russia." She added that blaming the central bank has therefore become an "easy tactic" for the Kremlin in the absence of any tangible options through which to improve the situation.

Persons: Vladimir Putin, Russian Central Bank Governor Elvira Nabiullina Alexei Nikolsky, Vladimir Putin's, Maxim Oreshkin, Anatoly Aksakov, Agathe Demarais, Demarais, Stephanie Kennedy, Julius Baer, Kennedy Organizations: Russian Central Bank Governor, Getty, Kremlin, Central Bank of Russia, Bank, Bank of Russia, Financial, Bank of, Economist Intelligence Unit, CNBC, CBR, U.S . Locations: Russia, Bank of Russia, Ukraine

☆ Russian central bank jacks up interest rates to 12% at emergency meeting after ruble plunge
▼ + stars: | 2023-08-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

National flag flies over the Russian Central Bank headquarters in Moscow, Russia May 27, 2022. Russia's central bank on Tuesday hiked interest rates by 350 basis points to 12% at an emergency meeting, as Moscow looks to halt a rapid depreciation of the country's ruble currency. The ruble slumped near 102 to the dollar on Monday, as President Vladimir Putin's economic advisor, Maxim Oreshkin, penned an op-ed in Russian state-owned Tass news agency that blamed the plunging currency and the acceleration of inflation on "loose monetary policy." The Bank of Russia subsequently announced an extraordinary meeting on Tuesday to reassess its key interest rate, which previously sat at 8.5%. The ruble strengthened early on Tuesday, as investors bet on a significant tightening of monetary policy from the central bank, and was trading just below 96 to the dollar shortly before 8 a.m. London time.

Persons: Vladimir Putin's, Maxim Oreshkin Organizations: Russian Central Bank, Tass, of Russia Locations: Moscow, Russia, Russia's, London

☆ Russia's central bank bids to prop up the plummeting ruble by hiking interest rates to 12% at an emergency meeting
▼ + stars: | 2023-08-15 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The Bank of Russia raised interest rates by 350 basis points to 12% at an emergency meeting Tuesday. It's trying to prop up the ruble, which plummeted to a 16-month low this week. The currency strengthened in the immediate aftermath of the central bank’s latest move. It brought in the rate hike after the ruble fell to a 16-month low of nearly 102 to the dollar Monday, leading to Moscow publicly rebuking the central bank. The Bank of Russia responded to Oreshkin's criticisms by calling an emergency meeting, where it voted to raise interest rates for the second month in a row.

Persons: It's, Vladimir Putin, Maxim Oreshkin Organizations: Bank of Russia, Service, Bank of Locations: Wall, Silicon, Bank of Russia, Ukraine, Moscow

☆ Tumbling rouble claws back ground as central bank to meet
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +6 min

Putin's economic adviser Maxim Oreshkin earlier said the central bank could ensure that the pace of lending drops to sustainable levels with higher rates. "The central bank has all the tools to normalise the situation in the near future." Asked earlier whether it might make an emergency hike from the current 8.5%, the central bank declined to comment. "The central bank is not fully in control," independent Moscow-based economist Ian Melkumov told Reuters. "The central bank doesn't want to kill the economy and businesses in the same way it had to last year," he said.

Persons: Rouble, Vladimir Putin's, rouble, Putin, Maxim Oreshkin, Oreshkin, Denis Popov, Popov, Matt Vogel, REUTERS Central Bank Governor Elvira Nabiullina, Vladimir Solovyev, Ivan, Timothy Ash, Ian Melkumov, Alexander Marrow, Marc Jones, Gareth Jones, Philippa Fletcher, Christina Fincher Organizations: TASS, of Russia's, FIM, Moscow News Agency, Handout, REUTERS Central Bank Governor, Popular, Kremlin, Reuters, BlueBay Asset Management, Thomson Locations: MOSCOW, Ukraine, Moscow, Russia, London

☆ Russian rouble sinks, Kremlin blames loose monetary policy
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +4 min

"The main source of rouble weakening and accelerating inflation is soft monetary policy," Oreshkin wrote. "The central bank has all the tools to normalise the situation in the near future and ensure that lending rates are reduced to sustainable levels. Last week, Russia effectively abandoned its budget rule, with the central bank halting the finance ministry's FX purchases to try and reduce volatility. "The central bank is not fully in control," independent Moscow-based economist Ian Melkumov told Reuters, although it has aggressive tools that it is currently reluctant to use. "(But) the central bank doesn't want to kill the economy and businesses in the same way it had to last year."

Persons: Kremlin, Rouble, Vladimir Putin's, Putin, Maxim Oreshkin, Oreshkin, Timothy Ash, Ian Melkumov, Alexander Marrow, Gareth Jones Organizations: TASS, Kremlin, of Russia, Moscow News Agency, Handout, REUTERS, Reuters, BlueBay Asset Management, Thomson Locations: MOSCOW, Ukraine, Russia, Moscow, London

☆ Kremlin blames loose monetary policy as rouble slides past 100 vs dollar
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +3 min

"The main source of rouble weakening and accelerating inflation is soft monetary policy," Oreshkin wrote. "The central bank has all the tools to normalise the situation in the near future and ensure that lending rates are reduced to sustainable levels. "It is in the interests of the Russian economy to have a strong rouble." The central bank hiked rates by 100 basis points in July to 8.5%, having held them steady since September. Last week, Russia effectively abandoned its budget rule, with the central bank halting the finance ministry's FX purchases to try and reduce volatility.

Persons: Kremlin, Rouble, Vladimir Putin's, Putin, Maxim Oreshkin, Oreshkin, Timothy Ash, Alexander Marrow, Felix Light, Guy Faulconbridge, Gareth Jones Organizations: Moscow News Agency, Handout, TASS, Kremlin, Bank of, BlueBay Asset Management, Reuters, Thomson Locations: Moscow, Russia, MOSCOW, Ukraine, Bank of Russia, London

☆ Russian ruble slumps to near 17-month low, moves past 100 against the dollar
▼ + stars: | 2023-08-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

This pool image distributed by Sputnik agency shows Russian President Vladimir Putin meeting with the Tver region governor at the Kremlin in Moscow on August 9, 2023. The Russian ruble slid past 100 to the U.S. dollar on Monday, nearing a 17-month low as President Vladimir Putin's economic advisor blamed loose monetary policy for the rapid depreciation. Putin's economic advisor Maxim Oreshkin told Russia's state-owned Tass news agency that the depreciation would normalize in the near future." A weak ruble complicates the restructuring of the economy and negatively affects the real incomes of the population. In the interests of the Russian economy — a strong ruble," he said, according to a Google translation.

Persons: Vladimir Putin, Vladimir Putin's, Maxim Oreshkin, William Jackson, Jackson Organizations: Sputnik, Kremlin, Russian, U.S, greenback, Bank of, Tass, Federal State Statistics Service, Capital Economics Locations: Tver, Moscow, Bank of Russia, Russia's, Russia, Russian

☆ Russia Tries to Bolster Ruble as Inflation Adds to Economic Woes
▼ + stars: | 2023-08-10 | by ( Paul Sonne | More About Paul Sonne | ) www.nytimes.com time to read: +1 min

The Russian central bank took measures on Thursday to stabilize the currency, amid the latest squall of financial volatility unleashed by Mr. Putin’s war against Ukraine. This time, the challenges are seen in both a struggling ruble that is fueling inflation, but also in government budget deficits that raise concerns about the sustainability of Russia’s intense spending on the war. The weakening ruble neared an exchange rate of 100 per U.S. dollar earlier this week, down by roughly 25 percent since the start of the year. The decline prompted the Bank of Russia on Thursday to halt purchases of foreign currency for the remainder of the year “to reduce volatility.”The central bank’s move should help shore up the ruble, because when the bank spends rubles to buy foreign currency, it increases the supply of rubles in circulation, lowering their value. The ruble was roughly flat in trading on Thursday.

Persons: Vladimir V Organizations: U.S ., Ukraine, Bank of Russia Locations: Russian

☆ Russia’s Moves to Shore Up Ruble Reflect War’s Toll on Economy
▼ + stars: | 2023-08-10 | by ( Anatoly Kurmanaev | ) www.nytimes.com time to read: +4 min

The Russian currency fell nearly 25 percent since the beginning of the year. “The ruble exchange rate is only an indicator,” said Alexandra Prokopenko, a nonresident scholar at the Carnegie Russia Eurasia Center and a former Russian central bank official. The ruble plummeted to as low as 135 per dollar and the central bank took a series of dramatic measures, including capital controls, to stave off a full-blown meltdown. The most immediate concern for Russian financial policymakers is the possibility of significant inflation. The country’s central bank reacted to that risk late last month with a higher-than-expected rise in interest rates, to 8.5 percent.

Persons: ”, Alexandra Prokopenko, Vladimir V, Putin, Yevgeny V Organizations: Bank of Russia, Carnegie Russia Eurasia Center Locations: Moscow, Russia, Russian, Ukraine, Soviet Union

Under its budget rule, Russia sells foreign currency from its National Wealth Fund (NWF) to make up for any shortfall in revenue from oil and gas exports, or makes purchases in the event of a surplus. The central bank restarted its own separate interventions this month, selling 2.3 billion roubles' worth of foreign currency a day, something it said it would continue to do. The bank's decision means that from Thursday, daily FX sales will total 2.3 billion roubles, as opposed to net sales of 0.5 billion roubles envisaged previously. The bank said it may defer purchases within the budget rule framework to 2024. "We may see new measures to stabilise the situation on the FX market," the analysts said.

Persons: Elena Fabrichnaya, Alexander Marrow, Darya Korsunskaya, Kevin Liffey, Kirsten Donovan Organizations: of Russia, National Wealth Fund, Bank of, FX, Thomson Locations: Russia, Ukraine MOSCOW, Moscow, London

☆ Exclusive: Russia doubles 2023 defence spending plan as war costs soar
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +5 min

They show that in the first half of 2023 alone, Russia spent 12%, or 600 billion roubles, more on defence than the 4.98 trillion roubles ($54 billion) it had originally targeted for 2023. Defence spending in the first six months of 2023 amounted to 5.59 trillion roubles, 37.3% of a total 14.97 trillion roubles spent in the period, the document showed. Between 2011 and 2022, Russia spent a minimum of 13.9% and a maximum 23% of its budget on defence. Russia has already spent 57.4% of its new annual defence budget, the document showed. Funding for schools, hospitals and roads was already being squeezed this year in favour of defence and security, but as the share of defence spending grows, other areas could face cuts.

Persons: Vladimir Putin, Ilya Pitalyov, Denis Manturov, Dmitry Polevoy, Yevgeny Suvorov, Suvorov, Mike Collett, White, Philippa Fletcher Organizations: Sputnik, Reuters, Defence, MMI Telegram, Bank of Russia, Monetary Fund, Thomson Locations: Russian, Saint Petersburg, Russia, Ukraine, Moscow, Locko

☆ Russia's VTB Bank nearing record profits as lending picks up
▼ + stars: | 2023-07-27 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +2 min

2 lender VTB (VTBR.MM) remains on track for record profits this year, CFO Dmitry Pyanov said, anticipating a further rise in lending and improving the bank's forecast for return on equity to above 20% for 2023. The bank posted 142.6 billion roubles ($1.58 billion) in second-quarter net profit on Thursday and said returns for the year as a whole could exceed 400 billion. VTB did not provide comparative figures as banks were ordered to limit disclosures in 2022. "The target may be higher than 400 billion roubles...I admit that it won't be exactly 400, but it won't be rounded up to 500 - you should not expect this. Pyanov said VTB would issue "replacement bonds" for three Eurobond issues, two denominated in dollars, and one in Swiss francs.

Persons: VTB, Dmitry Pyanov, Pyanov, Elena Fabrichnaya, Alexander Marrow, Jason Neely Organizations: Bank of, Thomson Locations: Russia, Ukraine MOSCOW, Ukraine, Bank of Russia

☆ Russia and China's trade relationship has become increasingly lopsided
▼ + stars: | 2023-07-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Yale data shared with Insider illustrate that China is now Russia's largest import and export partner. Thousands of companies have pulled out of Russia in the last year and that's made Moscow increasingly reliant on Beijing. Yale figures shared with Insider shows that China is now Russia's largest import and export partner by a big margin, but the relationship is heavily lopsided. By comparison, Russia is the 11th largest importer of Chinese goods, with the US, Hong Kong, and Japan taking in far more as China's three biggest trade partners. China and Russia have an asymmetric trade relationship.

Persons: that's, That's, Vladimir Putin's, Jeffrey Sonnenfeld, Russia's, Geely, Putin, Putin isn't, Xi Jinping, Mikhail Korostikov Organizations: Yale, Service, Bank of Locations: China, Russia, Moscow, Beijing, Wall, Silicon, Ukraine, Germany, Hong Kong, Japan, Russian, Bank of Russia

According to JPM's circular, the shares currently unaccounted for are estimated to be less than 1% of the shares held in custody at another financial institution. This meant Deutsche was unable to reconcile the company shares held at another custodian bank with the depositary receipts on its own books. The Bank of Russia did not immediately respond to a request for comment on JP Morgan's search for the potentially missing Magnit shares. More than 60% of Magnit's shares are free-float, with shareholders including major global asset managers, Refinitiv data shows. When first announcing the plans, Magnit said its voluntary tender offer was also addressed to JPM, regarding shares held in its DR program custody account.

Persons: Morgan Chase, Mike Segar, Morgan, JPM, Deutsche, Russia's, Magnit, Sinead Cruise, Alexander Marrow, Jane Merriman Organizations: Co, New York City, REUTERS, Reuters, Deutsche Bank, Deutsche Bank . Lawyers, Deutsche, Bank of Russia, Settlement Depository, NSD, Kremlin, Thomson Locations: New York, Ukraine, Moscow, Russian, Krasnodar, Russia, Uzbekistan, Euroclear

☆ Russia should not take temporary control of foreign banks' units, central-bank governor says
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

President Vladimir Putin on Tuesday signed a decree placing the Russian assets of Finland's Fortum (FORTUM.HE) and Germany's Uniper (UN01.DE), which both operate power plants in Russia, under Moscow's control. "Such decisions should be made with very good reasons, connected to the stable functioning of the Russian economy," Nabiullina said when asked whether Russia could do the same with banks. Foreign banks have stepped in to take business from Russian lenders hit by sweeping Western sanctions imposed after Moscow despatched troops to Ukraine in February 2022. Austria's Raiffeisen Bank International (RBIV.VI), earned more than half of its profit last year from Russia. Reporting by Elena Fabrichnaya, Vladimir Soldatkin, Alexander Marrow and Jake Cordell; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's VTB to launch digital bank on VKontakte social network
▼ + stars: | 2023-04-26 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +2 min

MOSCOW, April 26 (Reuters) - Russian state-owned bank VTB (VTBR.MM) will launch a digital bank within the mobile messaging app of leading social network VKontakte, Russia's answer to Facebook, as Moscow seeks technological solutions to disrupted banking transfers. That made operations with banks abroad particularly challenging as many bank cards stopped working overseas and Russia was disconnected from global payment systems. The digital bank will enable customers to carry out everyday financial transactions such as money transfers, some bill payments and mobile phone top-ups, within the VKontakte app. VTB, which had launched banking services through Telegram in January, said it was prepared to shut down its bank on Telegram once Roskomnadzor had come to a final decision. "As of today, there has been no such decision, so the bank in Telegram works, although we have stopped actively promoting it."

☆ Economic asphyxiation puts Russia in China’s orbit
▼ + stars: | 2023-03-20 | by ( Pierre Briancon | ) www.reuters.com time to read: +7 min

Cut off from foreign markets by sanctions, Vladimir Putin’s government is at pains to finance budget deficits that would have been manageable in peacetime. The financial difficulties are pushing Russia further into the sphere of influence of China’s President Xi Jinping, who visits Moscow this week. Dipping into the fund, though, will push Moscow further into China’s financial orbit, Russian economist Alexandra Prokopenko has noted. In the short term, financial hope for Russia can only come from a significant increase in oil and gas prices. Trade between China and Russia increased by 34% last year as Chinese imports of oil and gas jumped 50%.

☆ Russia's Sberbank not expecting cenbank to cut rates this year -CEO
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: 1 min

MOSCOW, March 9 (Reuters) - Russia's biggest lender Sberbank (SBER.MM) does not expect the Bank of Russia to cut rates from 7.5% this year and sees the country's economic growth at around 0%, CEO German Gref said on Thursday. Sberbank made a net profit of 270.5 billion roubles ($3.57 billion) in 2022, the bank said on Thursday, a 78.3% drop from the year before as sweeping Western sanctions rattled Russia's financial sector. Gref said the bank's 2023 return on equity should come in at around 20%, up from 5.2% in 2022. ($1 = 75.9500 roubles)Reporting by Elena Fabrichnaya and Alexander Marrow; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

India's oil trade, in response to the turmoil of sanctions and the Ukraine war, provides the strongest evidence so far of a shift into other currencies that could prove lasting. MTS had facilitated some Indian oil non-dollar payments, the trade sources said. An Indian refining source said most Russian banks have faced sanctions since the war but Indian customers and Russian suppliers are determined to keep trading Russian oil. "As it is, the government is not asking us to stop buying Russian oil, so we are hopeful that an alternative payment mechanism will be found in case the current system is blocked." Similarly, many banks from Russia have opened accounts with Indian banks to facilitate trade.

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