India-Russia bilateral trade reached $70 billion in 2024, tripling since 2022
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Roubles and rupees: Russia says no more hurdles in payments with India
Russia and India have established a robust bilateral payment system using roubles and rupees, covering 96% of trade transactions. Bilateral trade surged to $70 billion in 2024, tripling from 2022 levels. This mechanism resolves earlier issues of rupee overhang and trade imbalances faced by Russian businesses. The development signifies deepening economic cooperation and de-dollarization efforts, crucial for UPSC Economy and International Relations.
Source: Economic Times. This summary and analysis are AI-written from that report and are not individually fact-checked — confirm names, dates and figures with the source before you rely on them.
Revision structure
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Key points
Exam-ready takeaways
96% of bilateral trade transactions now settled in rupees and roubles via local currency mechanism
Russian businesses previously faced rupee overhang and trade imbalance challenges
Banks of both nations actively servicing the growing economic partnership
System represents significant de-dollarization step in India-Russia strategic partnership
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