Swift

The West blocked several Russian banks' access to the international SWIFT payments system soon after Moscow invaded Ukraine in February last year

The shift comes after the Federal Deposit Insurance Corporation warned of crypto-asset risks

The tool is available as an Android app and as a website

The RBI has allowed two Russian banks, Sberbank and JSC VTB, to open Vostro accounts for rupee trade. Read more to find out what a Vostro account is and how it is different from a Nostro account

India has stepped up its purchase of cheaper Russian crude despite international opposition and sanctions. New Delhi is looking to settle this trade in rupees to continue with its purchases

If the messaging platforms of India and Russia are connected, it might help in improving the payments settlement mechanism and provide Russia with a cover from further sanctions

Countries to accept trading partners' currency; move aimed at reducing dollar dependence

What are Nostro and Vostro accounts?

The first stock market came up in Amsterdam in the 17th century. And the modern banking system evolved in Italy. The terms, Nostro and Vostro, came from that region. But what do they mean?

The country's largest carmaker Maruti Suzuki India (MSI) on Friday reported a 2 per cent rise in total wholesales to 1,70,395 units in March.

India is keen to continue bilateral trade due to its dependency on Russian weapons and the prospect of buying cheaper oil as global prices surge.

Improved detection and reporting along with comprehensive steps resulted in sharp decline of such frauds, he said

What a firm seeking supplies from abroad on credit should do in case there is an error in the contractual documents

While Russia's invasion of Ukraine doesn't quite throw Budget 2022 out the window yet, it does mean the fiscal maths will need a significant re-look.

While exporters will get more clarity on the impact when finer details of SWIFT ban are spelt out, they have had discussions with govt to deal with payment-related challenges

The Nasdaq Composite dropped 1.65% to 13,525.13

What is the SWIFT payment system?

Following Russia's attack on Ukraine, the EU and the US announced measures to block selected Russian banks from the SWIFT payments system. What is SWIFT? Watch this report to know more about it

TMS Ep118: Portfolio rejig, India's defence deals, markets, SWIFT

Should you increase gold, real estate exposure? What does Ukraine crisis mean for India's defence? How did markets react to Ukraine-Russia conflict? What is the SWIFT payment system? All answers here

The S&P 500 fell 44.39 points, or 1.01%, to 4,340.26, the Nasdaq Composite slipped 81.87 points, or 0.60%, to 13,612.75

The Russian currency dropped nearly 26% to 105.27 per dollar, down from about 84 per dollar late Friday

Removing banks from SWIFT is deemed to be a severe curb because almost all banks use the system.