The country is going to supply those goods that have stopped shipping to Russia due to international sanctions.
India plans to increase supplies to Russia by another $ 2 billion by exporting goods that have stopped supplying to Russia due to international sanctions. This was reported by Bloomberg, citing its own sources.
To continue trading, Indian Prime Minister Narendra Modi's administration is in talks with Moscow to liberalize market access for several Indian products.
The two governments are currently developing a payment system in local currencies to trade. in rubles and rupees. They are also looking for ways to balance trade, given that India is a net importer of Russian goods.
According to sources, India wants to export goods that were previously supplied by other countries, but stopped after the imposition of sanctions on the United States and its allies. These can be pharmaceuticals, plastics, home furniture, organic and inorganic chemicals, rice, tea and coffee, dairy and cattle products.
According to Bloomberg, according to an analysis by the Department of Commerce, India can easily increase exports to Russia 20 of the most important items for it. In particular, other goods that India seeks to supply to Russia include seafood, textiles, clothing, footwear, appliances and electronics.
Currently, Indian exports to Russia are only $ 3 billion, while the country supplies more than $ 68 billion to the United States. The total bilateral trade between India and Russia amounted to 11.8 billion dollars in 11 months, starting in April 2021. That's more than the $ 8.1 billion recorded in the previous full year.
Earlier, Indian Prime Minister Narendra Modi condemned the killing of civilians in Bucha, but did not refuse to buy Russian oil/strong>. He also invited Vladimir Putin to hold direct talks with Vladimir Zelensky.
