MOSCOW: The Moscow Exchange is working on a plan to launch trading in the Indian rupee but there are certain “obstacles” on the part of the Indian central bank, an exchange official said on Thursday.

Daniil Korablev, head of sales to non-credit organisations, said on social media the launch was “not that simple” and may not happen this year. He did not specify the issues that needed to be resolved.

The exchange was also working to launch trading in the United Arab Emirates’ dirham currency. “We are not ready to name the date, but we are working very actively,” he said.

Moscow Exchange eyes first ‘replacement bonds’ in September

Hit by Western sanctions over Ukraine, Russia is actively shifting its trade out of dollars and euros and into the currencies of what it regards as “friendly” countries.