Deputy Foreign Minister of Russia Andrey Rudenko said that "Western sanctions against Russia have served as a catalyst for trade with India."
In an interview with RIA Novosti, he said, "India and Russia have accelerated transition to payments in national currencies and development of a self-reliant transport and financial infrastructure."
Notably, last year, bilateral trade and economic cooperation between the two countries received a powerful impetus and mutual trade reached almost USD 30 billion.
Rudenko also said that both countries are accelerating the transition to settlements in national currencies and the joint development of self-sufficient transport and financial infrastructure.
"I am confident that the upward trend will continue this year," added the Russian Deputy Foreign Minister.
Responding to Russia's plan to further increase the volume of oil supplies to India, Rudenko said, "We will continue to export as much oil to India as it needs to ensure its own energy security. Russian energy companies ensure the fulfillment of relevant requests as soon as possible."
It is pertinent to note that India has not joined the "price ceiling" imposed by the West on oil from Russia.
"Therefore, the contract price for the shipment of our fuel to Indian companies is formed, as it should be in a civilized economic community, by market methods," said Rudenko.
Speaking about Russia's plan to complete the delivery of S-400 missile systems to India, he said, "As for the supply of military products to India, this work is being carried out on schedule and will be completed within the time frame stipulated by the contractual obligations of the parties."
Talking about preparations made for the annual summit between Russian President Vladimir Putin and Prime Minister Narendra Modi, he said, "The leaders of our countries regularly discuss topical issues on the bilateral and international agenda. Such a reconciliation of watches is carried out in various formats and when it is dictated by the logic of the especially privileged strategic partnership between Russia and India. Leaders do not need to artificially demonstrate the strength of Russian-Indian relations, which are based on solid historical and cultural roots, mutual respect and consideration of each other's security interests.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app