NEW DELHI (Reuters) – India hopes rupee trade with Russia will continue in the future after the two sides recently talked about facilitating trade in local currencies, a Ministry official said. of Indian Trade on Monday.
New Delhi has become Moscow’s biggest oil buyer after China, buying discounted Russian crude well below the $60 price ceiling agreed by Western nations while also trying to close a trade deficit which is growing with the country.
India is looking to improve exports of electronic goods to Russia, Satya Srinivas, secretary in the commerce ministry, told reporters in New Delhi.
Both countries are committed “at all levels” to resolve issues related to barriers to trade and payment mechanism, Srinivas said.
Russia, Sri Lanka, Mauritius and Bangladesh are some of the countries that are keen on rupee trade with India, he added.
(Reporting by Shivangi Acharya, writing by Shivam Patel; editing by Toby Chopra and Jason Neely)
