Moscow: Russia and India, the second-largest importer of Russian oil, have built a functioning payments infrastructure using roubles and rupees, which now account for 96% of bilateral trade, a senior Russian banker said on Wednesday.
Russia's trade with India reached a record $70 billion in 2024, tripling since the start of the conflict in Ukraine in 2022, as India stepped up imports of Russian oil discounted due to Western sanctions. Bilateral trade fell in 2025 when those sanctions were tightened but rebounded in the first half of 2026.
