Russia’s PSCB Bank opens Rupee-Rouble account with India’s Yes Bank to facilitate bilateral trade

Russian Petersburg Social Commercial Bank (PSCB) has opened a Rupee-Rouble account with Yes Bank to facilitate bilateral trade between the two countries. The PSCB bank, which is not sanctioned by the western countries, has opened an account along with three dozen Russian firms. It may be noted that India’s Russian coal imports during Apr-Aug’22 (post-sanctions) stood at 8 mnt, higher by 160% y-o-y, as per CoalMint data.