India is proposing to settle trade with Russia in rupees, according to a person with knowledge of the matter, as the South Asian nation presses ahead with purchases of oil and weapons from the sanctions-hit country. New Delhi plans to use about $2 billion equivalent of rupees deposited at Russia’s state-controlled VTB Bank PJSC and Sberbank of Russia PJSC , the person said, asking not to be identified as the deliberations are private. A plan could be finalized soon as Russian officials are visiting the Indian capital this week, the person added. India has previously used a rupee-ruble mechanism, which has fallen out of favor this time around due to extreme volatility in the Russian currency, the person said, adding that deposits in the Russian accounts could swell to $5 billion by year-end given how much India is buying. Prime Minister Narendra Modi’s administration is keen to finalize a […]