12 Nov 2024 13:39

National and alternative currencies' share in Russian-Indian settlements reaches almost 90% - deputy PM

NEW DELHI. Nov 12 (Interfax) - The share of national and alternative currencies in bilateral settlements between Russia and India has reached almost 90%, Russian Deputy Prime Minister and co-chair of the Russian-Indian Intergovernmental Commission for Trade, Economic, Scientific, Technological and Cultural Cooperation Denis Manturov said during the commission's most recent meeting.

"We maintain particular control over interbank cooperation and mutual settlements. The share of national and alternative currencies in bilateral trade is growing; it's already approaching 90%. We think it necessary to continue work on expanding correspondent relationships between Russian and Indian banks," Manturov said.

Trade turnover with India has risen five-fold over the past five years, and the country is now Russia's second biggest foreign trade partner, he said.

"The positive trend has been maintained this year. Trade turnover grew 9% during the first eight months [of 2024]," he said.

The structure of trade is changing, he said. Aside from traditional exports of energy and fertilizers, Russia has increased supplies of food to India, in particular sunflower and soybean oils.

As reported, Russia and India use not only Russian rubles and Indian rupees, but also the Chinese yuan and UAE dirhams in their mutual trade settlements.