The Russian State Development Bank (VEB.RF) and the Reserve Bank of India (RBI) have created their own international settlement system to replace SWIFT.
The new system may start operating within a week. It will allow trade settlements in rupees and rubles. The platform is expected to be installed at the headquarters of both banks.
The Reserve Bank of India believes that this proposal is feasible, but negotiations are still ongoing. This is a diplomatically sensitive issue, so more attention is needed.
It was noted that representatives of the Russian and Indian central banks will meet in early April to discuss the regulatory framework. They also plan to discuss instruments for conducting bilateral trade and banking operations.
Earlier, www1.ru reported that the Kazakhstan's Freedom Bank has resumed transfers via "Golden Crown."
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