The Russian Foreign Ministry announced that 96% of trade between Russia and India is now conducted in national currencies, reducing reliance on the U.S. dollar. This shift reflects both nations’ efforts to strengthen bilateral economic ties, enhance financial sovereignty, and adapt to global geopolitical and economic realignments.
In a significant development, the Russian Foreign Ministry revealed that nearly all trade between Russia and India is now settled in national currencies. This marks a major step in reducing dependence on the U.S. dollar and highlights the growing strategic partnership between the two countries.
Officials noted that the move enhances financial independence, shields trade from external sanctions, and fosters smoother transactions. India and Russia have been working to expand cooperation in sectors such as energy, defense, and pharmaceuticals, with currency settlement playing a crucial role in sustaining trade momentum.
Analysts believe this transition underscores a broader global trend of nations seeking currency diversification to safeguard economic interests amid shifting geopolitical landscapes.
Key Highlights / Major Takeaways
96% of Russia-India trade now settled in national currencies
Reduces reliance on the U.S. dollar and external financial systems
Strengthens bilateral economic ties and resilience against sanctions
Supports cooperation in energy, defense, and pharmaceuticals
Reflects global trend toward currency diversification and financial sovereignty
Sources: Reuters, Economic Times, The Hindu Business Line