Russian Foreign Minister Sergei Lavrov is scheduled to visit India this week. This visit is also important because India is one of the biggest buyers of Russia. After the attack on Ukraine, the international community has started isolating Russia from international trade by imposing tough sanctions.
According to Reuters, the two countries can discuss easing the payment system after the ban imposed by Western countries on Russian banks. According to the information, Lavrov is likely to come to India on Friday. However, the Russian Embassy in Delhi has not yet confirmed the visit. At the same time, the Indian Foreign Ministry said that it does not have any information to share.
This will be Lavrov's third foreign trip since the February 24 Russian attack on Ukraine. Earlier, Lavrov had visited Turkey and China on Thursday to hold talks with his Ukrainian counterpart in early March.
The agreement can be made on the Rupee-Ruble trading system
According to sources, the Indian government is considering setting up a rupee-ruble trading system. Discussions are on between the Indian and Russian financial authorities. It is also believed that in addition to the rupee-ruble trade window, card-like options can also be considered, including direct settlement of all government and semi-government payments through the central banks of the two countries.
Investment opportunity in corporate bonds
During the visit of the Russian Foreign Minister, there may be talks about alternative mechanisms to ease trade relations between the two countries. Another Indian government source said that despite the Ukraine crisis, India is looking at allowing Russia to use the money held by the Reserve Bank of India (RBI) to invest in Indian corporate bonds.
Russia has retained the payment of about Rs 200 crore for Russian defense equipment with the RBI. However, an Indian government official said that India will have to diplomatically deal with Western pressure to maintain ties with Russia.
Sunflower oil contract from Russia
India recently signed a contract to buy 45,000 tonnes of sunflower oil for April delivery after supplies from Ukraine were cut off. Last year, India bought about 20,000 tonnes of sunflower oil from Russia in a month.
According to a senior official of the Center, if things are available at affordable rates, India will import more goods from Russia. At the same time, Happyman Jacob, Professor of International Studies at Jawaharlal Nehru University, said that India has made up its mind to continue trade with Russia by any means.
Russia is India's main defense supplier
Russia is the main supplier of defense equipment to India. However, its total annual trade with India is less compared to China. India has done an average trade of $ 9 billion (Rs 68 thousand crores) with Russia in the last few years. This mainly includes trading in fertilizers and oil. In comparison, India's annual bilateral trade with China is more than $100 billion (about Rs 7.56 lakh crore).
After the attack on Ukraine, India has made a deal to buy crude oil from Russia at an affordable rate. India has bought about 13 million barrels of oil. At the same time, a total of 16 million barrels of oil were imported last year. India is now also looking at doubling its import of Russian coal used in steel making.
Avoid criticizing Russia
India has reiterated in global forums to stop the ceasefire in Ukraine but refrained from voting against Russia in the meeting of the UN Security Council. India has not even criticized Russia for the attack. US President Joe Biden has also said that India's position in taking action against Russia is not clear.
Bharat Ratna: Five personalities including Narasimha Rao-Chaudhary Charan Singh received Bharat Ratna, honored by the President
President Draupadi Murmu today honored five personalities selected by the Government of India with Bharat Ratna at Rashtrapati Bhavan. Prime Minister Narendra Modi, Union Home Minister Amit Shah, BJP
Ajinkya Rahane out of IPL 2022, difficult to return to England tour - Report
Ajinkya Rahane Ruled out IPL 2022: By the end of IPL 2022, Kolkata Knight Riders have suffered another setback. After Pat Cummins, opener Ajinkya Rahane has also been ruled out of the tournament.
India-Pakistan Conflict: Claim of independence of Balochistan, demand to open embassy in Delhi amid India's strong action
Amid growing tensions between India and Pakistan, Balochistan's independence has been declared. Baloch writer Mir Yar Baloch made this announcement by posting a long post on the social media platform
Jiah Khan Suicide Case: Family happy after Sooraj Pancholi's acquittal, sweets distributed in media too
Jiah Khan Suicide Case: Ten years ago on June 3, 2013, the news of the death of actress Jiah Khan surprised everyone. The actress committed suicide at her home. After Jia's death, her boyfriend and
Novak Djokovic: Novak Djokovic reaches the final of Wimbledon for the ninth time, and will clash with Alcaraz in the title match
Serbia's legendary tennis player Novak Djokovic has made his place in the final of the Wimbledon Open. Djokovic defeated Italy's Yannick Sinner in the first semi-final of men's singles played on
R Hari Kumar: The process of buying Predator drones for surveillance of China continues, the Navy chief informed
India is preparing to buy Predator drones from America. On Saturday, Navy Chief Admiral R Hari Kumar said that the process to buy 30 MQ-9B Predator drones at a cost of more than three billion US
The US Shooting: Indiscriminate firing in North Carolina, USA, 5 including police officer killed; suspect in custody
There has been a shooting in North Carolina, USA. A man has killed 5 people by firing indiscriminately. A police officer was also among the dead. Some people were also injured in the firing.
NEET-UG Row: Hearing on the petitions related to NEET-UG surrounded by controversies in the Supreme Court, said- its social impact
The Supreme Court began hearing petitions related to the controversial NEET-UG exam. A bench of Chief Justice of India DY Chandrachud, Justice JB Pardiwala, and Justice Manoj Mishra said that it has
Weather Update: Alert of the Meteorological Department, somewhere there will be heat and rain with strong thunderstorms, know how the weather will be here
It is getting hot in North India due to which people are worried. The Meteorological Department has predicted heat and heat to continue in many states of the country even today. The outbreak of heat
T20 World Cup: 'He has seen difficult times, I want him in the World Cup...' Harbhajan supports Hardik
Former Indian veteran spinner Harbhajan Singh has supported Hardik Pandya. He has said that the last two months have been very difficult for Hardik. Now he should leave this bad time behind with his
