The use of national and alternative currencies in Russia-India trade has reached nearly 90%, according to Russian First Deputy Prime Minister Denis Manturov. Speaking at a Russian-Indian intergovernmental commission meeting, Manturov emphasized the importance of expanding banking cooperation between the two countries. Trade turnover between Russia and India rose 9% in the first eight months of 2024, making India Russia’s second-largest foreign economic partner. Manturov highlighted the diversification of trade, with Russia increasing exports of sunflower and soybean oil, in addition to traditional energy and fertilizer supplies. Russia, in turn, imports industrial equipment, components, and pharmaceuticals from India.
Russia-India Trade Nears 90% Dollar-Free — A Game-Changing Pivot
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