Today: 24 August 2025
15 September 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

France to cap energy price hikes at 15% in 2023

Next Story

New Omicron subvariant reported in Britain

Latest from -Top News

‘FAMINE’

UN Secretary-General Antonio Guterres says living situation in Gaza can be described as “famine”…reports Asian Lite News United Nations (UN) Secretary-General Antonio Guterres said that the word “famine” could be used to

Ban Coal Exports to Israel

More than 100 pro-Palestine activists launched protests on Thursday in three major South African cities, calling on the government to ban coal exports to Israel…reports Asian Lite News Pro-Palestine activists are pictured

US sanctions more ICC judges

Washington hits at The Hague with fresh sanctions on four ICC judges and prosecutors, including French and Canadian officials, over probes targeting Israel and US actions abroad….reports Asian Lite News The United

UAE Wows Osaka!

The UAE Pavilion at Expo 2025 Osaka celebrates its three millionth visitor, blending culture, innovation, and hospitality in an immersive showcase of heritage, sustainability, and forward-looking global vision….reports Asian Lite News The

MBS & Sisi talk ties, Palestine

The two leaders reviewed the historic and strategic relations between Riyadh and Cairo and explored new ways to bolster cooperation…reports Asian Lite News Saudi Crown Prince and Prime Minister HRH Mohammed bin
Go toTop

Don't Miss

Trade, tariff on Modi’s Russia visit agenda   

Sources aware of the planning said that the dinner at

UK-Australia trade deal agreed in broad terms

The details of the trade deal are expected to be