Sanctions Over Ukraine May Not Impact India-Russia Bilateral Payments: Report
NDTV
Bilateral trade between India and Russia stood at USD 9.4 billion so far this fiscal year, against USD 8.1 billion in 2020-21. India and Russia bilateral payments are made in Indian Rupee (INR). For both imports and exports, payments are made or received in Indian Rupee for shipments.
Bilateral payments with Russia may not be impacted even as the US and other western countries have imposed economic sanctions on Moscow in the wake of the attack on Ukraine.
India and Russia bilateral payments are made in Indian Rupee (INR). For both imports and exports, payments are made or received in Indian Rupee for shipments. So, sanctions by the West may not have an impact on the payments, barring exchange rate fluctuation, sources told news agency Press Trust of India.
Russia is one of biggest suppliers of defence products and equipment to India mostly under government-to-government contract.
Bilateral trade between India and Russia stood at USD 9.4 billion so far this fiscal year, against USD 8.1 billion in 2020-21.
