OREANDA-NEWS The Russian state Development Corporation VEB and the Reserve Bank of India (RBI) have completed work on an alternative transaction platform to facilitate bilateral trade after Western sanctions blocked Moscow's access to the SWIFT global banking platform, the Indian newspaper Economic Times writes, citing two sources familiar with the matter.

The new payment system is likely to be installed at the headquarters of both RBI and VEB. India has proposed a number of such transactional platforms, from which the Russian authorities have chosen an option that works on one of the network protocols, one of the sources said.

The new system is likely to be put into effect within a week. It should ensure «unhindered transfer of import or export documents on transactions in rupees and rubles».

Russian Foreign Minister Sergei Lavrov will pay a two-day visit to India, the government announced. This will be a visit of the highest level from Moscow after the start of the special operation in Donbass.

Earlier, the United States warned India against increasing imports of Russian oil. The US authorities do not mind if India buys oil in rupees, and not in dollars. It is important for Washington that India continues to comply with sanctions. Now the United States is developing a new tough package of sanctions, which will be announced in the coming days. The official also noted that the United States insists that all countries, without exception, comply with sanctions against Russia.