(Economic Times)
India is likely to make its payments for Russian arms in euros to a Russia-nominated bank to bypass the threat of US sanctions for purchase of military hardware including the S-400 air defence missile system, people familiar with the details told ET.
While certain payments for existing defence transactions have been processed through the rupee-rouble route, the people said that a solution was firmed up this month with Russia’s VTB Bank agreeing to receive money in euros.