Russian oil | Russian-Indian trade is booming, the envoy tells RT

Russian oil | Russian-Indian trade is booming, the envoy tells RT

Over the past few months, New Delhi has increased its purchases of Russian fertilizers and oil.

According to India’s ambassador to Moscow, Pavan Kapoor, trade between India and Russia has increased recently in both volume and scope.

“There is great hope for expanding our economic and trade cooperation. Only in the past few months have we noticed a noticeable shift in the direction of trade. Undoubtedly, we are purchasing more oil and fertilizer from Russia… More products are in demand from Russia, including consumer goods, products used in food processing, car parts, and, of course, traditional goods like textiles, tea, and medicines. All of these regions, as well as many others, would likely receive support in the future, possibly very soon, the ambassador said.

Kapoor further mentioned how companies in both nations have been striving to

“The new reality exists; many banks have been sanctioned; logistical challenges; and payment challenges; all of which must be resolved. We must discover a course of action. And I believe that the two parties and businesspeople from both sides are collaborating to determine the best approach to move beyond these challenges. But I’m confident they’ll cooperate and come up with a solution,” he said.

According to reports that surfaced earlier this week, Moscow and New Delhi are also debating ways to implement each other’s interbank transfer services, including India’s Unified Payments Interface (UPI) and SPFS, the Russian equivalent of SWIFT, as well as the mutual acceptance of the Mir and RuPay payment cards from Russia and India, respectively.

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