India's government is considering a proposal from Russia to use a system developed by the Russian central bank for bilateral payments, according to people with knowledge of the matter, as the Asian nation seeks to buy oil and weapons from the sanctions-hit country.
The plan involves rupee-ruble–denominated payments using Russia's messaging system SPFS, the people said, asking not to be identified discussing confidential deliberations. No final decision has been taken, and the matter will probably be discussed when Russian Foreign Minister Sergei Lavrov arrives in India for a two-day visit Thursday.
Russian central bank officials are likely to visit India next week to discuss the details, the people said. The Reserve Bank of India regularly meets with executives from its banking system to discuss matters including exposure to Russia and the risk of sanctions, another person said. A finance ministry spokesman wasn't immediately available for comment. An email to the RBI wasn't immediately answered.
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