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India is Considering Rupee Payments for Trade With Russia, Sources Say

India is working out a mechanism to facilitate trade with Russia using local currencies, with a decision expected as early as next week, according to people familiar with the matter. 

The government is discussing how trade can be settled in rubles and rupees as Indian exporters are awaiting payments of about $500 million that have been stuck after the sanctions on Russian banks, said the people, who asked not to be identified before a final decision is made. The central bank as well as commercial lenders including State Bank of India and UCO Bank Ltd. are being consulted, they said.