Russia and India Trade Mainly in Ruble and Rupee

Russia and India have become largely dependent on the ruble and rupee in settling 96% of their bilateral trade, supported by an efficient payment infrastructure that enables 90% of transactions to be completed within 10 minutes, with more than half of them taking less than a minute. This effort aims to reduce reliance on Western payment systems. The trade volume between the two countries reached a record high of $70 billion in 2024, representing a threefold increase since the start of the war in Ukraine. This growth was mainly driven by India's imports of Russian oil at discounted prices. Although trade temporarily declined in 2025 due to sanctions, it rebounded in 2026, reflecting a growing economic relationship between Moscow and New Delhi—especially as India continued to buy Russian oil and the process of expanding the use of these currencies in trade exchanges persisted.

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