During the 23rd Annual Summit, Narendra Modi and Vladimir Putin agreed to strengthen payment systems in rupees and rubles and to make their financial platforms interoperable. The goal is to secure trade flows and accelerate the trade volume target initially set for 2030.
![[Img # 65877]](https://empresaexterior.com/upload/images/12_2025/5581_india-y-rusia-consolidan-el-uso-de-divisas-locales-para-acelerar-el-comercio-bilateral.jpg)
India y Russia During their 23rd Annual Summit, they agreed to further explore the use of settlement systems in national currencies.
Boost to financial interoperability and local currencies
In a strategic move for the internationalization of their economies, both leaders, the prime minister Narendra Modi and the president Vladimir PutinThey have agreed to improve their shared financial infrastructure. The joint statement highlights their commitment to working on the interoperability of national payment systems, financial messaging, and platforms. central bank digital currencies.
Currently, the use of domestic currencies is already widespread. As the Russian president stated during the talks: “The participation of national currencies in mutual payments between Russia and India has reached 96% in trade transactions.”To support this trend, the Indian Foreign Secretary, Vikram MisriHe confirmed that multiple [offices] have already been opened. Special Vostro Accounts in rupees, a key mechanism to facilitate cross-border banking operations and balance the trade balance.
The measure seeks to guarantee the continuity of trade, reduce dependence on the dollar, and achieve a trade volume of $100.000 billion by 2030.
Business objectives and strategic sectors
The horizon set by both countries is ambitious. They aim to reach a trade volume of $100.000 billion by 2030. However, the Indian Prime Minister expressed optimism in the India-Russia Business Forumensuring that, given the visible potential, it will not be necessary to wait until that date to achieve the milestone.
The following details the key figures and goals of this bilateral agreement:
| Indicator / Target | Agreement Details |
|---|---|
| Business Objective | Reach $100.000 billion. |
| time period | Official target for 2030 (forecast ahead). |
| Money Exchange | 96% use of rupees and rubles in current payments. |
| Strategic Program | Economic Cooperation approved until 2030. |
Improvements in logistics and tariff barriers
To materialize this growth, the roadmap includes the elimination of non-tariff barriers and the resolution of problems related to cargo insurance, which are vital for the international logisticsEmphasis has also been placed on the development of transport corridors, specifically the North-South International Corridorwhich will expedite the transit of goods between both nations.
Among the sectors that India is looking to strengthen in order to increase its exports to Russia are:
- Pharmaceutical industry: Shipping of medicines and active ingredients.
- Agri-food: Export of processed foods and raw materials.
- Textile: Increase in manufacturing and textiles.
- Energy: Continuity in energy security cooperation.
Key points and frequently asked questions about the India-Russia Agreement
What financial mechanisms will they use to avoid the dollar?
They will focus on the interoperability of national payment systems, the use of central bank digital currencies, and operations through Special Vostro Accounts in rupees.
What is the current volume of local currency usage?
According to Vladimir Putin, 96% of trade transactions between the two countries are already settled in rubles and rupees, minimizing exposure to third-party currencies.
Which sectors will benefit from the new 2030 Cooperation Programme?
The program prioritizes energy, transportation (North-South Corridor), and promotes Indian exports in food, pharmaceuticals, and textiles to balance the trade deficit.
