# India explores setting up rupee trade accounts with Russia to soften sanctions blow - sources

> India is exploring a rupee-based payment mechanism for trade with Russia to avoid settling transactions in dollars, softening the impact of Western sanctions. The arrangement has been proposed as a workaround for the sanctions blow.

- Date: 2022-02-25 · published 2022-02-25T12:00:00.000Z
- Category: geopolitics · region India · magnitude low
- Page: https://feedsoft.ai/events/42986-india-explores-setting-up-rupee-trade-accounts-with-russia-to-soften-sanctions
- Commodities: [Sunflower Meal](https://feedsoft.ai/c/SUNMEAL.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Settling Russian trade in rupees could keep Indian buyers active in Russian commodities such as sunflower oil and grain, limiting the loss of supply. It is a potential shift in trade flows rather than an immediate price shock.

## Read by commodity

- WHEAT: neutral
- SUNMEAL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2018-11-26 | [Ukraine's Azov Sea ports operating normally despite tensions with Russia](https://feedsoft.ai/events/61920-ukraine-s-azov-sea-ports-operating-normally-despite-tensions-with-russia.md) | +0.6% | +3.2% |
| WHEAT | 2025-03-25 | [Russia says food and fertiliser sanctions must be lifted for Black Sea deal](https://feedsoft.ai/events/14220-russia-says-food-and-fertiliser-sanctions-must-be-lifted-for-black-sea-deal.md) | -1.9% | +1.7% |
| WHEAT | 2017-05-11 | [As Russia blocks Ukraine’s trade corridors, focus shifts to Silk Road - May. 11, 2017 \| KyivPost](https://feedsoft.ai/events/70861-as-russia-blocks-ukraine-s-trade-corridors-focus-shifts-to-silk-road-may-11.md) | -2.4% | +0.8% |
| WHEAT | 2024-06-22 | [How Russia Exports Ukrainian Grain As Its Own: An Investigation](https://feedsoft.ai/events/14290-how-russia-exports-ukrainian-grain-as-its-own-an-investigation.md) | -6.8% | -2.9% |
| WHEAT | 2026-04-17 | [Russian wheat exports through Caspian Sea resume after long hiatus](https://feedsoft.ai/events/14121-russian-wheat-exports-through-caspian-sea-resume-after-long-hiatus.md) | -0.7% | -0.2% |

## Sources

- reuters.com: https://www.reuters.com/world/india/india-explores-setting-up-rupee-trade-accounts-with-russia-soften-sanctions-blow-2022-02-25/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.