Russia and India planned to abandon the use of dollars and euros in bilateral settlements and conduct all trade transactions in rupees and rubles. Zamir Kabulov, head of India at Russia's foreign ministry, said that while it was a decision in principle for both sides, the trade imbalance needed to be addressed in order to fully switch to the country's currency.
Now India buys five times more from Russia than it sells. India's trade with Russia is growing, mainly driven by the energy sector, but also involving commodities such as fertilizers, coal, etc. Bilateral trade has reached US$27 billion this year, mainly due to significant imports of oil and fertilizers. From Russia.
In July this year, the Reserve Bank of India (RBI) introduced a new rupee international trade settlement facility aimed at boosting exports and imports.
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Russia and India plan to abandon the use of dollars and euros in bilateral trade
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