Indian exporters, importers and banks are using an old trade ploy they “relied upon during the US embargo on Iran to sidestep sanctions on Russia” by turning to the United Arab Emirates and its diverse money market, a report in India’s Economic Times said on Friday.
Trade payments for cargo were routed via companies and banks in Dubai “in transactions that come across like regular bilateral trade between India and UAE,” the report said, citing senior bankers and members of trade bodies, who said the banks and their clients did not question the origin or destination of goods and processed “as if the Russian leg of the transactions doesn’t exist.”
Read the full report: Economic Times.
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