India mulls rupee trade with Russia to soften the negative effects of the Western sanctions on Moscow over the Ukrainian demilitarisation operation, a government source said on Friday.
“The rupee trade will soften the sanction blow and also help to carry out trade with Russia without any hindrance.
“Western nations have increased sanctions pressure on Russia after it launched a military operation in Ukraine, following help requests from the breakaway Donbas republics that have accused Kiev of intensified shootings in recent weeks,” the source said.
Among countries that had so far sanctioned Russia over Ukraine were the United States, the United Kingdom, Japan, Canada, New Zealand and Australia, as well as the European Union.
Several EU countries, such as Latvia and Lithuania, had suspended the issuance of visas to Russian nationals, while Germany terminated the certification process of the Nord Stream 2 gas pipeline.
Financial sanctions also imposed restrictions on Russia’s banking operations, using foreign currencies.
