In addition, it is financially risky for Russian exporters to keep proceeds received from sales in hard currency due to the risks of blocking. How this decision is made will affect the Russian economy, increase the global process of de-dollarization and impact Russia-India trade turnover.Ī mutual decision to refuse US dollar and Euro trade with Russia is considered a necessary measure by New Delhi because otherwise, conducting financial transactions with Russian companies and banks have become impossible or extremely difficult due to sanctions.
Russia and India have agreed to drop all use of the US dollar and Euro in bilateral settlements, according to a statement made by Zamir Kabulov, a Director of Russia’s Ministry of Foreign Affairs.Īccording to Kabulov, the transition to national currencies is a fundamental decision, while there is a need to maintain balance, as the sales volume of Russian products to India is five times higher than that of India to Russia.
Bilateral trade set to boom in 2023-24 as numerous export multipliers come into the trade picture
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