• The Reserve Bank of India (RBI) on Monday issued a circular that detailed ‘additional arrangement’ for invoicing, payment, and settlement of exports and imports in Indian rupees.
  • It may be recalled that soon after Russia invaded Ukraine, the Belgium-based SWIFT, or Society for Worldwide Interbank Financial Telecommunication, a system that allows instant messaging among banks, began excluding Russian banks from transacting through this channel.
  • The fresh enablement by the RBI seems intended to ease doing business with Russia. EEPC India Chairman Mahesh Desai says that ever since sanctions were imposed on Russia, trade has been virtually at a standstill with the country due to payment problems. With the new facility, “we see the payment issues with Russia easing,” he says.