India and Russia have reaffirmed their commitment to strengthening bilateral trade, agreeing to continue efforts to conduct transactions in their national currencies—the Indian Rupee and the Russian Rouble. The announcement came during high-level discussions between Prime Minister Narendra Modi and Russian President Vladimir Putin, where both leaders emphasised the need for deeper economic cooperation amid shifting global trade dynamics.
The two nations reiterated that they remain firmly on track to achieve the $100-billion bilateral trade target by 2030. Prime Minister Modi expressed confidence that the milestone could be reached well before the deadline, citing the rapidly expanding partnership in energy, defense, agriculture, and infrastructure.
Officials highlighted that using national currencies for trade would reduce dependence on the US dollar, ensure smoother transactions amid global financial restrictions, and provide greater stability to long-term contracts—especially in sectors like oil, coal, fertilizers, and machinery.
Both sides also agreed to explore new avenues in digital payments, logistics corridors, and investment opportunities, including the Chennai–Vladivostok maritime route, which is expected to significantly cut transportation time and cost.
The meeting reflected the growing strategic alignment between New Delhi and Moscow, with leaders emphasizing that the partnership is rooted in mutual trust, economic pragmatism, and shared geopolitical interests.
