Indian authorities intend to double the volume of trade with the Russian Federation, using rupees in the calculations, the newspaper writes Indian Express with reference to the results of the high-level meeting in September.
The volume of trade between the two countries has increased largely thanks to a surge in Indian imports of Russian oil. India used to import less than 1% of its total crude oil from Russia, but today it is around 22% of its needs. The publication notes that in October, Russia became India’s largest oil supplier, overtaking Iraq and Saudi Arabia.
“The Ministry of Commerce has said it is ready to support the initiative, and based on feedback from various exporters and trade organizations, the department is confident that trade between India and Russia will double in the near future. , this will be further boosted by the use of Indian Rupee for trade settlements,” the minutes of the last meeting in September.
Formerly Indian authorities authorized the use of the rupee in international trade agreements to promote exports as part of foreign trade policy.
In September, The Economic Times reported that India would start trading with Russia in rupees as the State Bank of India (SBI) agreed to facilitate trade deals with Russian partners in the national currency.