INDIA LOOKS TO TRADE IN RUPEES WITH RUSSIA

Mon 16 January 2023:

India is hopeful that trade in rupees with Russia will pick up after the two countries spoke about facilitating transactions in local currencies, an Indian trade ministry official said.

India has been exploring a rupee trade settlement mechanism with Russia soon after Moscow invaded Ukraine in February, but the countries have not formalised the rules yet.

India is looking to step up its exports of electronics to Russia, Satya Srinivas, a secretary at the trade ministry, told reporters in New Delhi.

The two countries are engaging “at all levels” to resolve issues related to trade barriers and a payments mechanism, he said.

New Delhi has become Moscow’s largest oil buyer, after China, buying discounted Russian crude at well below a $60 price cap agreed by Western nations, while also trying to close a growing trade deficit with the country.

India’s merchandise imports from Russia rose to $32.88 billion during April-December 2022, compared to $6.58 billion a year ago, according to data shared by the trade ministry on Monday.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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