Russia and India are taking big steps to rely less on the U.S. dollar for their trade deals. Now, almost 90% of their trade is done in their own currencies or other alternative currencies, which is a huge change from how things used to be. This shift has come as both countries look to deepen their partnership and work around the economic hurdles caused by Western sanctions.
A Growing Trade Partnership
This new approach has paid off: over the last five years, trade between Russia and India has increased more than five times. This has made India Russia’s second-biggest trading partner. These numbers were announced in New Delhi on November 12, 2024, when Russia's First Deputy Prime Minister, Denis Manturov, and India’s Foreign Minister, S. Jaishankar, co-led the 25th meeting of the Intergovernmental Russian-Indian Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation.
The meeting wasn’t just about numbers—it was a signal of how both countries are wor...
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