India, Russia trade hit record high in 2022, settled in INR, ruble

New Delhi: Trade between India and Russia touched a record high of $35.3 billion at the end of 2022, about 2.5 times more than that in 2021, President of Russian Chamber of Commerce and Industry Serget Katyrin said. He further said most of bilateral trade was settled in Indian rupee and ruble. “Such a rapid development of economic relations is largely facilitated by changes in the global foreign economic environment,” Katyrin, who is in India as the head of a large business delegation from Russia, said. “On the other hand, India has traditionally been one of Russia’s key strategic trading partners. Business contacts are also developing in multilateral formats such as BRICS and SCO,” he added. ‘Rupee-ruble trade very much on table’ Katyrin informed that India and Russia have been working in various options and are close to resolving the issue of payments between each other Don’t Miss: Dollar Trumped: Russia wants all cross-border trade with India settled in rupee, ruble He further said the possibility of rupee-rouble trade is very much on the table. “We (Russia) have traded with many countries in national currencies. In our Eurasian Economic Union (which includes five countries), nearly 75 per cent of the mutual settlements are in national currencies. With many partners, these relationships are being built on a mutual basis which includes China and India,” Katyrin was quoted as saying by The New Indian Express. Must Read: Indian rupee could be the new dollar, says ‘Doctor Doom’ Nouriel Roubini Don’t want Indian banks to attract sanctions from the West However, not all trade between India and Russia will be settled in the INR, Katyrin said. “There is a segment which does not allow us settlement [trade] in rupees. At the same time, we would not want Indian banks to attract sanctions from the West. Of course, we are looking for other options, there are complications, but there are many options too,” he added. Russia and India have decided to give away dollar for cross-border trade and settle payments in INR and ruble. Last year, Western countries including the US and European Union, had imposed sanctions on Russia after it began full-scale invasion of Ukraine. Several countries are gradually aiming to de-dollarize global trade and are making overseas payment in local currencies. India too has started trading in INR with 18 countries including UK, Russia, Malaysia, Singapore. Also Read: Rupee closer to replacing dollar as 18 nations agree to trade in INR   India imports large amount of crude oil from Russia. ‘Businesses with the West not viable’ Katyrin also said that Russian companies are looking for partners in India. “Many companies that were earlier working in the West are also looking at partnering with India since their businesses are not viable there any longer,” he added. Read all the  Latest News,  Trending News,  Cricket News,  Bollywood News, India News and  Entertainment News here. Follow us on  Facebook,  Twitter and  Instagram.