Russia-India Trade Booms Amid Sanctions

CosmicTaco · 2024-09-03T10:09:40.748020+05:30

- **Russia's trade** with India nearly doubled to $65 billion in 2023, driven by increased oil imports. - **Sberbank** handles payments for up to 70% of Russian exports to India, facing no issues despite Western sanctions. - **Indian exports** to Russia have helped solve the rupee surplus problem, balancing bilateral trade. - **Alternative payment methods** like SPFS, Mir, and UPI are being used to bypass SWIFT and dollar dominance. - **De-dollarization** efforts are gaining traction, with Russia and China leading the movement.

Russia's trade with India nearly doubled to $65 billion in 2023, driven by increased oil imports.
Sberbank handles payments for up to 70% of Russian exports to India, facing no issues despite Western sanctions.
Indian exports to Russia have helped solve the rupee surplus problem, balancing bilateral trade.
Alternative payment methods like SPFS, Mir, and UPI are being used to bypass SWIFT and dollar dominance.
De-dollarization efforts are gaining traction, with Russia and China leading the movement.