India and Russia will have currency swaps in place to finance trade in rupees and rubles, bypassing the US sanctions regime against Russia, the president of India’s export association told CNBC Wednesday (March 23). Several of India’s state-owned banks will execute the swaps under the supervision of the Reserve Bank of India, starting as early as next week, according to A. Sakthivel, president of the Federation of Indian Export Organizations (FIEO). Although the volumes of prospective trade to be financed under this swap arrangement are small, the India-Russia agreement, if executed, would be the first open departure from dollar-based system...