Trade settlement with Russia in rupees to start next week: Report

Five to six banks have been allowed to open Vostro accounts for rupee trade settlement and 10-11 such accounts have been opened so far

For the first time since the trade settlement in rupee was introduced by the Reserve Bank of India (RBI), the payments for shipments to Russia will be settled in rupees next week. This is in the backdrop of an increasing number of inquiries for drugs and auto parts from Russia, a report by Mint said. 

"A number of issues have been sorted out. Exporters and importers have begun approaching banks for opening of accounts...So, trade settlement with Russia under the new payment system is expected from next week for some shipments. The difference with Iran is that India is not