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.
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