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With Roubles & rupees, Russia-India payments ease

By Sohail Khan 2 September 2026, 9:44 pm

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Business News›News›Economy›Foreign Trade›Roubles and rupees: Russia says no more hurdles in payments with India

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Roubles and rupees: Russia says no more hurdles in payments with India
Synopsis

Russia and India have built a functioning payments infrastructure using roubles and rupees. This system now accounts for ninety-six percent of their bilateral trade transactions. Bilateral trade reached seventy billion dollars in 2024, tripling since 2022. Russian businesses previously faced challenges with rupee overhang and trade imbalances. Both nations' banks are actively servicing this growing economic partnership.

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.

Also Read: After S-400, India eyes Russia’s S-500 and Su-57 in a major defence push

"There are no problems with settlements ⁠between Russia ‌and India. I am ready to say that this is one of the most reliable ⁠and best-established mechanisms for Russia's payments with other countries," said Ivan Nosov, head of Sberbank in India.

Russian businesses had previously complained about an "overhang" of rupees, an only partially convertible currency, in bilateral transactions, as well as trade imbalances, with Indian exports to Russia lagging behind surging imports of Russian oil.

According to ‌official data, 22 Russian banks, including Sberbank, Russia's largest lender, which was tasked with developing the payments infrastructure, and 17 ⁠Indian banks are currently servicing bilateral trade.

Also Read: ‘Every day of war sets humanity back’: PM Modi urges Russia’s Putin to end hostilities

Nosov said that 90% of all transactions between Russia and India are processed within 10 minutes, while more than 50% are processed in less than one minute.

Indian Prime Minister Narendra Modi hailed growing economic ties with Russia when he met President Vladimir Putin on Monday.

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