India Russia News: Hit by US sanctions, Russia has come out with a trick, India’s friend will be bat-bat, know how – russia to solve payment problem with india finding a solution of the problem
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Moscow:The officials of both the countries are engaged in a puzzle over whether the payment of defense deals between India and Russia should be in rupees or ruble. Recently there were reports that Russia now wants payment in ruble and many defense deals have come under threat because of this. But now it is being said that Russia is working towards finding a solution in this direction. Due to the ongoing war in Ukraine, many sanctions have been imposed on Russia. Products exported to India form a major part of Russia’s earnings. In such a situation, India is a big source of his income. Keeping this in mind, India and Russia have found a new solution to the payment problem.India’s import increased
The Russian government will set up industries here with the help of earnings from India and then the goods made in these will be exported to Russia. India’s imports from Russia increased four-fold to $46 billion in the last financial year. Last month, Russia exported the most oil to India. Russia is now India’s top crude oil exporter and has also overtaken Iraq. India is trying to get Russia to accept rupee payments. Russia says it has no use for such a large amount of Indian currency as its imports from India account for only a fraction of what the country earns from its exports.
ongoing conversation
Talks are on to revive rupee and ruble trade. Both countries have moved swiftly to achieve a solution in this direction. If sources are to be believed, Russia is planning to spend most of its income from India to set up facilities in India. A large delegation of India’s top private defense companies visited Russia last week to explore possibilities of tie-up. At least three Russian business delegations comprising senior Russian ministers and business leaders have visited India in the last three weeks.
The Russian government will set up industries here with the help of earnings from India and then the goods made in these will be exported to Russia. India’s imports from Russia increased four-fold to $46 billion in the last financial year. Last month, Russia exported the most oil to India. Russia is now India’s top crude oil exporter and has also overtaken Iraq. India is trying to get Russia to accept rupee payments. Russia says it has no use for such a large amount of Indian currency as its imports from India account for only a fraction of what the country earns from its exports.
ongoing conversation
Talks are on to revive rupee and ruble trade. Both countries have moved swiftly to achieve a solution in this direction. If sources are to be believed, Russia is planning to spend most of its income from India to set up facilities in India. A large delegation of India’s top private defense companies visited Russia last week to explore possibilities of tie-up. At least three Russian business delegations comprising senior Russian ministers and business leaders have visited India in the last three weeks.
Businessmen of both the countries are visiting
A 190-member business delegation representing 128 Russian companies visited India earlier this month. The group was headed by Sergey Katrin, President of the Russian Chamber of Commerce and Industry. FICCI has organized B2B meetings between visiting Russian businessmen and Indian industrialists. After this, Russia’s Deputy Prime Minister Denis Manturov also visited India. Both countries are looking for cooperation in transport, machine manufacturing, chemical, pharma, digital technology, energy, finance and business.
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