90% of Russia-India trade conducted in national and alternative currencies – Moscow
Moscow and New Delhi have vowed to boost initiatives in cross-border payments and logistics to address issues of a trade imbalance Read Full Article at RT.com
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The two countries have agreed on steps to diversify economic cooperation and deal with a trade imbalance
The share of national and alternative currencies in trade between Russia and India has reached almost 90%, Russian First Deputy Prime Minister Denis Manturov said in New Delhi on Tuesday. Over the past five years, bilateral trade between the two countries has grown more than fivefold, making India Moscow's second largest trade partner, the minister added.
Manturov is visiting India to co-chair the 25th meeting of the Intergovernmental Russian-Indian Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation, along with Indian Foreign Minister S. Jaishankar.
Addressing the topic of cross-border payments, the Russian deputy prime minister emphasized that the issue is being closely monitored. Bilateral trade has been impacted since 2022, when Russia was hit by US-led sanctions, and many Russian banks were cut off from SWIFT, Visa, and MasterCard, prompting Russia and its major trading partners to use alternative mechanisms to settle trade.
❗️Russia 'Strongly Committed' To FTA Between India & Eurasian Economic Union -
