India-Russia Trade: Push for National Currencies in Bilateral Transactions
In a key move to boost economic cooperation, India's External Affairs Minister (EAM) S. Jaishankar recently emphasized the importance of conducting bilateral trade between India and Russia in national currencies. This call for greater use of the Indian Rupee and the Russian Ruble in trade is seen as a strategy to strengthen economic ties and reduce dependence on the U.S. dollar. The proposal comes as India and Russia gear up for an intergovernmental meeting to discuss further collaboration in trade, energy, and defense sectors, highlighting a significant shift in how both countries manage their trade transactions. Background: India-Russia Relations India and Russia share a historic relationship built on decades of cooperation in defense, energy, and technology sectors. However, the evolving geopolitical landscape, particularly the ongoing conflict in Ukraine and subsequent Western sanctions on Russia, has made it imperative for both nations to explore alternative economic strategie...