Russia, India agree to go ahead with trade in national currency

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Last Updated12/07/2024

India and Russia have decided to establish a system for national currency settlement,
A day after the Prime Minister of India ended his two-day visit to Russia, described as “historic and game-changing”, he slammed the Western powers for supporting Ukraine.

The Russian Ambassador described the recently concluded peace conference in Switzerland as a tamasha (charade).
- He said that Russia’s friendship with China should not be a cause of concern for India.
- Russia is the fourth largest trading partner of India, and in a very optimistic scenario we will continue our successful and mutually beneficial partnership with India.
The most important point of the Joint Statement was that we have decided to go ahead with the establishment of the national currencies settlement system,”presenting an overview of the discussion between the Indian and Russian delegations in Moscow during the visit of the Indian Prime Minister.
Mr. Modi visited Moscow on July 8 and 9 and held both delegation-level talks as well as one-on-one discussions with President Vladimir Putin.
The discussions were focused on economic aspects as Russia’s trade with India has grown many times in the past two years especially because of the trade in energy that rapidly expanded after Western sanctions were imposed on Russia following the launch of the “special military operation” against Ukraine in February 2022.
The two leaders also discussed the issue of Indian nationals who were fraudulently inducted into the Russian fighting forces and deployed for action on the Russia-Ukraine border.