Indian banks await government’s orders on dealing with Russian lenders
Indian banks will wait for orders from the government on whether to stop dealing with Russian banks after the US, the European Union and its allies moved to isolate some of them from the global financial markets platform, the Society for Worldwide Interbank Financial Telecommunication (SWIFT), said people with knowledge of the matter. The government hasn’t given any official instructions on blocking the banks, said a person familiar with the matter. It will be business as usual till the government orders otherwise. The official added that the sanctions imposed by the US and its allies will not impact trade flows between India and Russia.