The government is in talks with Russia to liberalize market access for several Indian-made products
Under the plans, British people and businesses will be banned from making transactions with the Russian central bank, its finance ministry and its wealth fund.
Restrictions on the Russian central bank target its access to more than $600 billion in reserves the Kremlin has at its disposal.
SWIFT is the backbone of the international financial transfer system and the exclusion will have a grave impact on Russia's economy
Sensex rose as much as 1,165 points from the day's lowest level and the Nifty 50 index touched an intraday high of 16,693 after hitting a low of 16,356.
The SWIFT is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.
French authorities are also seeking to identify other Russian individuals who could be added into the EU list of people targeted by sanctions due to “their proximity with the Russian leadership