India -Russia currency swaps

 India-Russia currency swaps bypass US sanctions from Asia Times "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)."

And in an interview with Saker:

Michael Hudson:  There seem to be two ways for hostile countries to buy Russian gas. One seems to be to use Russian banks that are not banned from SWIFT. The other way would indeed seem to be to go through what looks to develop as a formal or informal third-country bank or exchange. India and China would seem to be the best positioned for this role.  U.S. diplomats will be pressing India to impose its own sanctions on Russia, and there is a strong pro-U.S. constituency there. But even Modi sees the obvious superior benefits of benefiting from India’s geopolitical position with Russia and China’s Belt and Road Initiative relative to whatever the U.S. has to

Back in the 1960s the West dealt with the Soviet Union using barter deals. Arranging this barter became a big banking business. Barter is the typical “final stage” of the deterioration of a credit economy into a money economy that breaks down.  Over the medium term, a new international financial organization needs to be created as an alternative to the dollarized IMF to handle such intra-bloc transactions in today’s new multipolarizing world. https://thesaker.is/the-saker-interviews-michael-hudson-5/