After Iran Deals, Indian Lender Spurs Rupee Trade With Russia
- UCO Bank one of the few Indian beneficiaries in this trade
- Lender likely to open rupee accounts with more Russian banks
This article is for subscribers only.
A state-run bank India used to skirt sanctions is spurring trade with Russia by using rupees as payment and expects to see more deals as Moscow gets increasingly locked out of the global financial system.
UCO Bank, which handled India’s purchases of Iranian crude and managed billions of dollars of frozen payments, is now a key bank facilitating trade with sanctions-hit Russia in rupees. The lender posted record profit last year as interest income improved and global business expanded.