- Russia and India are accelerating a bilateral trade deal to reach a $100 billion target by 2030 using local currencies.
- Moscow’s trade representative confirmed that most payments between the two nations are now settled in local currencies.
- The primary goal for Russia is to de-dollarize and develop its own currency, a move supported by several emerging economies.
Russia is developing new trade mechanisms to help India settle cross-border transactions in local currencies, part of a broader push to reach a $100 billion bilateral trade target by 2030. Moscow’s trade representative to India, Zlata Antusheva, confirmed that the efforts to accelerate de-dollarization and keep local currencies at the forefront have picked up significant steam.
“Russia is developing a mechanism to expand payments and settlements in local currencies with partner countries such as India,” said Antusheva. “It is extremely important to create an independent system with the use of local currencies. Most of the payments between Russia and India are now made in local currencies.” Consequently, emerging economies are increasingly focusing on de-dollarization to strengthen their local currencies in the Forex markets.
Antusheva revealed that Moscow’s main goal is de-dollarization, while simultaneously focusing on the growth of local currencies. “Our main goal is to de-dollarize and to focus on the development of our own currencies,” she stated. “Of course, after some time, not only at the bilateral level but also at the regional level.”
Russia has been the flagbearer of de-dollarization after the US imposed sanctions on its economy in February 2022. Many other developing countries, including Gulf nations, came to its rescue by buying crude oil in rubles, rapidly expanding the de-dollarization initiative to several other nations.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
