Friday, July 11, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

india russia trade: UCO Bank opens special rupee account with Russia’s Gazprombank

by Euro Times
October 21, 2022
in Finance
Reading Time: 1 min read
A A
0
Home Finance
Share on FacebookShare on Twitter


Russia’s Gazprombank opened a special rupee account with state-owned UCO Bank, paving the way for bilateral trades between Moscow and New Delhi, sources told ET. The move would help increase imports of cheaper oil from Russia.

Earlier, the Reserve Bank of India (RBI) came out with a bespoke special rupee account for bilateral trades between rupee and any other currencies besides the US dollar. Gazprombank is only facing sectoral sanctions, but is not under the Specially Designated Nationals, or SDN, sanctions.

UCO Bank and Gazprombank did not comment immediately.

The RBI, on July 11, allowed invoicing and payments for international trade in rupees, potentially facilitating greater bilateral business with Russia that is facing a wide range of Western sanctions and is virtually cut off from standard cross-border payment platforms.

The move paved the way for settlement of payments in rupees for trades between Indian and Russia by giving greater flexibility in the operation of vostro accounts that Russian banks open with Indian banks for the purpose. A vostro account is one a foreign bank opens with an Indian bank in domestic currency i.e. rupees.

A ‘special’ tag to the rupee vostro account permits usage of surplus balance in Indian government securities. Experts in the field believe that UCO, which has little exposure to the US market, is the suitable candidate for bilateral trade payments between India and Russia as it won’t affect its business due to US sanction on the Russian bank.



Source link

Tags: accountBankGazprombankIndiaOpensrupeeRussiaRussiasspecialTradeUCO
Previous Post

‘Your Face Just Lit Up’; Stephanopoulos Sucks Up to Blinken in Softball Sit-Down

Next Post

SEZs To Be Allowed To Use E-Filing Portal IceGate For Customs Transactions: CBIC Chairman

Related Posts

Corn Sticking Close to Unchanged at Midday

Corn Sticking Close to Unchanged at Midday

by Barchart
July 11, 2025
0

Corn futures are down fractionally within the close by contracts, with new crop December up ¼ cent. There have been...

Life has no fun on high base as ULIP sales slow down

Life has no fun on high base as ULIP sales slow down

by Euro Times
July 11, 2025
0

MUMBAI: Life insurance coverage corporations posted a 4.25% year-on-year improve in new enterprise premiums for the April-June quarter, pushed largely...

Why Is Every Natural Disaster Being Politicized?

Why Is Every Natural Disaster Being Politicized?

by William L. Anderson
July 10, 2025
0

Even whereas the seek for lacking individuals in flood-ravaged Texas continues, the politicized invective has come from the Left. Maybe...

Barclays launch new sub-4% mortgage deal to compete with best rates on market

Barclays launch new sub-4% mortgage deal to compete with best rates on market

by Karl Matchett
July 11, 2025
0

Signal as much as our free cash publication for funding evaluation and skilled recommendation that will help you construct wealthSignal...

Genius Act: This New US Crypto Law Could Pave the Way for the Next Global Financial Crisis

Genius Act: This New US Crypto Law Could Pave the Way for the Next Global Financial Crisis

by Yves Smith
July 10, 2025
0

Yves right here. I want I had reposted among the content material from an incredible 2022 put up at Heisenberg...

Reagan’s Trade Gamble: The Story Behind the Voluntary Export Restraints

Reagan’s Trade Gamble: The Story Behind the Voluntary Export Restraints

by David Hebert, Marcus M. Witcher
July 10, 2025
0

Ronald Reagan deserves a lot reward for his stalwart dedication to free commerce and decreasing commerce obstacles. Even his most...

Next Post
SEZs To Be Allowed To Use E-Filing Portal IceGate For Customs Transactions: CBIC Chairman

SEZs To Be Allowed To Use E-Filing Portal IceGate For Customs Transactions: CBIC Chairman

U.S. alleges Iranian troops in Crimea helping with Russia’s drone attacks on Ukraine

U.S. alleges Iranian troops in Crimea helping with Russia's drone attacks on Ukraine

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Corn Sticking Close to Unchanged at Midday

Corn Sticking Close to Unchanged at Midday

July 11, 2025
Apple iPhone 16e, Samsung Galaxy S24 Ultra, OnePlus Nord 5

Apple iPhone 16e, Samsung Galaxy S24 Ultra, OnePlus Nord 5

July 11, 2025
Bangladeshi rap, memes helped oust Hasina — now they’re reshaping politics | Protests

Bangladeshi rap, memes helped oust Hasina — now they’re reshaping politics | Protests

July 11, 2025
Google’s Veo 3 in Gemini Upgraded With Image to Video Generation Capability

Google’s Veo 3 in Gemini Upgraded With Image to Video Generation Capability

July 11, 2025
Remixpoint CEO to Receive Entire Salary in Bitcoin

Remixpoint CEO to Receive Entire Salary in Bitcoin

July 11, 2025
OpenAI Faces IRS Complaint Over Alleged Tax Violations

OpenAI Faces IRS Complaint Over Alleged Tax Violations

July 11, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

Corn Sticking Close to Unchanged at Midday

Apple iPhone 16e, Samsung Galaxy S24 Ultra, OnePlus Nord 5

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In