India using SWIFT Global payment system to settle Russia dollar trade:

NEW DELHI - Indian companies are using the SWIFT global payment system to settle dollar payments with Russia, a top trade official said, even though many Russian banks are blockedfromthenetworkduetoWesternsanctions.

The West blocked access to SWIFT for several Russian banks, including Sberbank and VTB, soon after Moscow invadedUkraineinFebruarylastyeartotargetRussiantrade, making it harder for Russian companies to do business. SWIFTunderpinsfinancialtransactionsglobally.

"WeareusingSWIFTfordollarpayments,"theofficial,who did not want to be named, said, when asked about the payment

Source

gatewaybeingusedforRussianpayments.

India's imports from Russia have increased nearly five times in the April 2022 to February 2023 period to $41.56 billion from $8.54 billion, compared with the same period the prior year, according to data released by the Government.

Last month, Reuters reported India's Russian oil imports climbed to a record 1.4 million barrels per day (bpd) in January, up 9.2% from December, with Moscow still the top monthly oil seller to New Delhi, followed by Iraq and Saudi Arabia.