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Russia-India Target $100 Billion Trade, Boost Defence Co-Production & New Payment Systems
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News18•24-09-2026, 21:59
Russia-India Target $100 Billion Trade, Boost Defence Co-Production & New Payment Systems
- •Russia and India aim for $100 billion in bilateral trade by 2030, focusing on expanding trade, defence cooperation, and economic ties.
- •Both nations are strengthening alternative payment mechanisms and increasing the use of national currencies in bilateral transactions, amidst Western sanctions and evolving global trade dynamics.
- •Discussions have highlighted greater industrial and defence cooperation, including opportunities for joint production.
- •The evolving partnership raises important questions about trade, defence, payments, and the future of India-Russia economic relations.
Key Questions Answered
Russia and India are targeting $100 billion in bilateral trade by the year 2030.
Both nations have established a functioning payments infrastructure using national currencies, with 96% of bilateral trade settlements utilizing the rupee and rouble.
Russia accounted for approximately 51 percent of India's crude oil imports in July, supplying about 2.47 million barrels per day.
