Russia's PSCB Opens Rupee Account With Yes Bank To Start Rupee-rouble Trade

To avoid US dollars and sanctions due to the Ukraine crisis, Yes Bank and Russia's Petersburg Social Commercial Bank (PSCB) have taken the decision to felicitate rupee-rouble bilateral trade to ensure uninterrupted cross-border business with Moscow entities. 

However, PSCB is not on the list of sanctioned banks

The Russian bank has opened a rupee account with nearly three dozen Russian companies settling payments for trades with New Delhi.
 
The Reserve Bank of India (RBI) is likely to issue an FAQ separately, on standard operating procedures related to the rupee accounts, experts familiar with the matter said. 

Vladimir L Pribytkin, PSCB's founder and chairman told a leading media house that the bank has opened a rupee-rouble account with Yes Bank

Talking about the bank, it mostly deals with firms engaged in bilateral Indian trade related to pharmaceutical ingredients, spices and fruits. 

Meanwhile, Yes Bank said to a media house that has to receive three-four more applications from other Russian lenders such as MFK Bank.