India may announce a payment arrangement that would allow it to trade with Russia using local currencies—the rupee and the ruble—according to A. Sakthivel, the president of the Federation of Indian Export Organizations (FIEO). Such a proposed rupee-ruble method would allow India to continue trade with Russia even as Western sanctions have disrupted international payment mechanisms. Around four or five Indian nationalized banks are being considered to engage in such a trade, Sakthivel said in an interview with CNBC. International sanctions slapped on Russia also offer India an opportunity to expand into the Russian market, he added. “Export to Russia is not much, only in agriculture and pharmacy products. Now that the whole of the West is banning Russia, there will be a lot of opportunities for Indian firms to enter Russia,” Sakthivel said. FIEO is a government-backed association that represents more than 200,000 exporters. India exported $3.3 billion worth …