Russia and India Resolve Payment Hurdles for Bilateral Trade

Bilateral trade between the two nations hit a record $70 billion in 2024, a threefold increase since 2022 as India ramped up its intake of discounted Russian oil. While tightening Western sanctions caused a brief dip in 2025, volumes recovered during the first half of 2026. The technical backbone of this financial bridge now involves 22 Russian banks and 17 Indian institutions.

Efficiency remains a primary metric of success for the project. According to Sberbank, 90% of all transactions are completed within 10 minutes, with over half processed in under 60 seconds. This development marks a transition away from earlier complaints regarding the accumulation of rupees—an only partially convertible currency—and the persistent trade deficit caused by surging Russian oil exports. Prime Minister Narendra Modi recently underscored these strengthening economic ties during his meeting with President Vladimir Putin, signaling a stable path forward for the partnership.