India and Russia are exploring ways to enhance bilateral trade by adopting mutual payments in their national currencies and reducing non-tariff barriers, Indian Commerce Secretary Sunil Barthwal revealed during a briefing in New Delhi on Wednesday.

The Commerce Secretary spoke about discussions held with Russian Economic Development Minister Maxim Reshetnikov and other key officials in July. Barthwal emphasized the importance of facilitating rupee-ruble trade and addressing the impact of non-tariff measures on trade between the two nations. Additionally, they discussed the need to diversify trade beyond petroleum products, a sector currently dominating their transactions. He told reporters:

We discussed a lot of issues to improve trade between India and Russia. We also discussed how to facilitate rupee-rouble trade, how non-tariff measures are impacting our trade and how they should be reduced.

Trade turnover between India and Russia currently stands at approximately $67 billion, with a significant imbalance in favor of Russia. According to Indian figures, India’s exports to Russia reached $4.3 billion for the financial year ending March 31, 2024, while imports, largely driven by Russian oil, amounted to $61.4 billion. The resulting trade deficit for India stands at $57.1 billion.

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