Russia and India plan to stop using dollars and euros in bilateral settlements and conduct all business transactions in rupees and rubles. Zamir Kabulov, head of the Indian department of Russia's foreign ministry, said that while this is a fundamental decision for both sides, the trade imbalance must be addressed for a full transition to the country's currency.
India now receives five times more from Russia than it sells. India's trade with Russia, especially the energy sector, fertilizer, coal, coal and so on growing to include commodities. Bilateral trade reached US$27 billion this year, mainly due to significant oil and fertilizer imports from Russia.
In July of this year, the Reserve Bank of India (RBI) introduced a new rupee international trade settlement mechanism aimed at boosting exports and imports.
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