The Reserve Bank of India RBI and the Bank of Russia officials are set to meet this week to discuss a bilateral payment system to ensure smooth trade flows between the two nations without the use of global sanctions, people familiar with the matter told ET. Russia faces tighter sanctions after having invaded Ukraine at the end of February. The two sides will meet to discuss payment solutions such as a Loro or Nostro account. The first is a third-party account, where a bank holds an account in a country for another bank. The second involves a bank holding an account in another country in another bank. One of the persons cited above said they will look at how we can open accounts in the national currencies of Russia and India. The two-day meeting is likely to be held in New Delhi on Wednesday and Thursday. Besides central bankers, officials from ministries, banks and financial institutions from both sides will also be in attendance. A person involved in the exercise said that the magnitude of the meeting between two countries is noteworthy, although discussions will be extended before both the sovereigns reach a conclusion. The Bank of Russia and the RBI didn't respond to ET's queries. Individual institutions couldn't be contacted immediately for comment. SBI will likely represent Indian bankers along with the National Payments Corporation of India NPCI and the Foreign Exchange Dealers Association of India FEDAI said. One person said that people of general manager status are likely to join from our side, while finance ministry officials are also expected to be on board, according to one of the persons. SberBank and VEB Bank Russia executives are expected to be present along with officials from Russia's trade and foreign ministries. The people cited above are not included in the sanctions, according to the people who are cited as Bank Otkritie, Novikombank, Bank Rossiya, Promsvyazbank, VEB and VTB Bank.