India, Nov. 9 -- India and Russia are working to improve the system of mutual settlements in the face of Western sanctions while Russian banks have adapted to sanctions and Indian credit institutions have learned to minimise the risk of secondary sanctions, Russian ambassador Denis Alipov has said.

Mechanics for direct payment flows for trade have been built and both countries have largely switched to settlements in national and alternative currencies, whose share now exceeds 90%, Alipov said in an interview ahead of President Vladimir Putin's visit next month for an annual summit.

In addition to pitching the construction and localising of small modular reactors to boost civil nuclear cooperation, Alipov said Russia is ready to expand t...