Iran Press/ Asia: Since India seeks to maintain trade relations with Moscow, New Delhi is seeking to find effective means of circumventing sanctions against Russia, according to Indian media.
According to the report, options for circumventing sanctions by India include settling payments with foreign financial institutions, making payments through small Russian banks that are not affected by the Swift ban, and strengthening the rupee-ruble exchange arrangements.
Russia's major banks, Sberbank and Gazprom Bank, have been exempted from the latest sanctions because of their important role in paying for EU oil and gas imports from Russia, the report added.
An Indian government official told the Economic Times: "We are looking for this, even if these banks face US sanctions, payments can be made in euros because these transactions are still being made until the next rounds of sanctions announced."
He added that the impact of the latest sanctions against Russia is still unclear.
Repaying Russia's debt through the rupee auction held by the Bank of Russia is another option being considered. Such repayment is made through the export of certain goods and services.
In 2014, after India faced the threat of secondary sanctions over a defense deal with Russia, the two countries agreed to make their payments in rupees.
That is why Washington has once again threatened to impose sanctions on New Delhi over India's arms deal with Russia last week.
Trade between India and Russia will reach $ 8.1 billion in the fiscal year ending March 2021.
South Korea, Britain and Austria imposed sanctions on Russia's Sberbank last Wednesday. On Monday, the US Treasury Department banned bank transfers with the Russian Central Bank, the National Wealth Fund and the Russian Ministry of Finance.
