India is working out a mechanism to facilitate trade with Russia using local currencies, with a decision expected as early as next week, according to people familiar with the matter. The government is discussing how trade can be settled in rubles and rupees as Indian exporters are awaiting payments of about $500 million that have been stuck after the sanctions on Russian banks, said the people, who asked not to be identified before a final decision is made. The central bank as well as commercial lenders including State Bank of India and UCO Bank Ltd. are being consulted, they said. Spokespersons for the government and the Reserve Bank of India were not immediately able to comment, while representatives of SBI and UCO didn’t immediately respond. Latest data show India’s bilateral trade with Russia stood at $10.8 billion, accounting for less than 1.5% of the South Asian nation’s total. International […]