September 15, 2022
1 min read

Russia-India trade more than doubles this year

The Summit will take place on Thursday and Friday in the Uzbek city of Samarkand…reports Asian Lite News

Ahead of the Shanghai Cooperation Organization (SCO) Summit this week where Russian President Vladimir Putin will meet Indian Prime Minister Narendra Modi on the sidelines, the Kremlin said that trade turnover between New Delhi and Moscow has soared nearly 120 per cent so far this year.

“Our relations are actively developing, the trade has also increased significantly with supplies of Russian oil, coal and fertilizers increasing,” RT news quoted Kremlin foreign policy spokesman Yury Ushakov as saying to reporters in Moscow.

The Summit will take place on Thursday and Friday in the Uzbek city of Samarkand.

According to Ushakov, the two countries are currently working on bilateral measures to expand the use of national currencies, the ruble and the rupee, in mutual settlements.

Last month, New Delhi’s Ambassador to Moscow Pavan Kapoor also noted that Russia-India trade turnover had been growing in both volume and scope in recent months, RT reported.

He added that businesses in both countries had been working to overcome the obstacles to closer cooperation posed by sanctions.

Moscow and New Delhi were reportedly discussing mutual acceptance of Russia’s Mir and India’s RuPay payment cards, as well as options to implement each other’s interbank transfer services: India’s Unified Payments Interface (UPI) and SPFS, the Russian alternative to SWIFT.

India has been boosting purchases of Russian crude over the past six months, while the US has repeatedly urged New Delhi to support a price cap on Russian oil.

However, India has been reluctant to join the Western sanctions on Moscow, placing domestic energy security above geopolitical conflicts.

ALSO READ-India, France to set up Indo-Pacific trilateral cooperation

Previous Story

Modi, Bhutan King discuss bilateral issues

Next Story

India’s maiden human space-flight mission in 2024

Latest from -Top News

Visa Interview Pause Nearing End, Says US

India is the source country for the largest group of international students in the US and Bruce’s comments will be closely followed there….reports Asian Lite News The United States said the pause

White House: Israel OKs Gaza Truce

Hamas said Thursday that its leadership had received a new Gaza ceasefire proposal from Witkoff through the mediators and was studying it…reports Asian Lite News The White House said that Israel has

No Talks Till Terror Ends: India to Pakistan

The MEA’s strong response came at a time when Pakistan, pushed on the backfoot by India’s decisive Operation Sindoor, has suddenly started talking about its intent on having peace talks with India….reports

BNP ramps up poll demand

Chief Adviser Yunus had earlier promised elections in December 2025, but the timeline has since been pushed back first to February 2026 and then to June 2026, fuelling suspicion and dissatisfaction among

Saudi backs India’s strategic outreach

In a series of engagements, the Indian delegation met Saudi Arabia’s Minister of State Adel Al-Jubeir and other senior officials. A high-profile Indian all-party parliamentary delegation, led by BJP MP Baijayant Jay
Go toTop

Don't Miss

Russia-India biz forum eyes IT expansion

The main focus of the forum is ‘Technological Alliances in

Boris recommits to securing UK-India trade deal by Oct

India’s recently signed economic and trade agreement with Australia has