India Likely To Pay For Russian Arms In Euros To Avoid U.S. Sanctions

(Economic Times) India is likely to make its payments for Russian arms in euros to a Russia-nominated bank to bypass the threat of US sanctions for purchase of military hardware including the S-400 air defence missile system people familiar with the details told ET. While certain payments for existing defence transactions have been processed through the rupee-rouble route the people said that a solution was firmed up this month with Russias VTB Bank agreeing to receive money in euros.