The two sides will meet to discuss payment solutions such as Loro or Nostro accounts. The first is a third-party account, where a bank holds an account in a country for another bank.

Officials of the Reserve Bank of India (RBI) and the Bank of Russia are set to meet this week to give the finishing touches to a bilateral payment system to ensure smooth trade flows between the two nations without violating global sanctions. Russia faces increasingly tighter sanctions after having invaded Ukraine at the end of February


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