India using SWIFT global payment system to settle dollar trade with Russia – source
Indian is using the SWIFT global payment system to settle dollar payment with Russia, a top trade official said on Wednesday, at a time when the Asian nation has sharped increased its purchases of discounted coal and oil from Moscow.
The West blocked several Russian banks’ access to the international SWIFT payments system soon after Moscow invaded Ukraine in February last year.
SWIFT underpins financial transactions globally.
Source: Reuters (Reporting by Shivangi Acharya; Editing by Andrew Heavens)