Mon Nov 11 07:13:45 UTC 2024: ## India and Russia Push for Bilateral Trade in National Currencies
**Mumbai, India – November 11, 2024:** India and Russia are strengthening their economic ties with a focus on using their national currencies for bilateral trade. This was announced by Indian External Affairs Minister S. Jaishankar at the India-Russia Business Forum in Mumbai today.
Mr. Jaishankar highlighted the “great importance” of this approach, especially considering the current global economic climate. He emphasized that the Special Rupee Vostro Accounts are already facilitating this, and a better trade balance with national currency settlements is the “answer” for future trade.
India and Russia’s bilateral trade is currently at $66 billion, with a target of reaching $100 billion by 2030. Mr. Jaishankar also stressed the significance of three key connectivity initiatives: the International North-South Transport Corridor (INSTC), the Chennai-Vladivostok Corridor, and the Northern Maritime Route.
The meeting comes after the US placed sanctions on nineteen Indian entities for trading with Russia, emphasizing the complexity of global politics. Nevertheless, both governments have shown strong commitment to fostering Indo-Russia trade.
The meeting in Mumbai also served as a platform for discussions on a variety of areas, including trade, economy, science, technology, and culture. The upcoming India-Russia Inter-Governmental Commission meeting, scheduled for Tuesday, will further solidify these partnerships.
This push for bilateral trade in national currencies signals a growing trend of countries seeking alternatives to the US dollar in global commerce. The increased collaboration between India and Russia, despite international pressure, demonstrates their determination to strengthen their economic and political ties.
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