India Planning to Boost Shipments to Russia

India is planning to ship another $2 billion to Russia as the two countries build a payment system in local currency and continue bilateral trade amid sweeping international sanctions on Russia for invading Ukraine.

This is because India is a net importer of Russian products, and the two governments are working on proposals to regulate trade between the Rupees and Rubles and are looking at ways to balance trade.

The list includes pharmaceutical products, plastics, organic and inorganic chemicals, home furnishing, rice, beverages, milk products and bovine products.

India has been strongly criticized for suspending oil imports to benefit from falling prices after the United States, Europe, Australia and Japan imposed economic sanctions on Russia in response to the war with Ukraine.

President Joe Biden met with Narendra Modi on Monday, saying the United States is ready to help India diversify its energy imports.

Currently, India's exports to Russia are only $3 billion, while shipments to the United States exceed $68 billion. Without high logistics costs, hygiene regulations, language barriers, and reduced allocations to government procurement by Russian state-owned enterprises, it could be higher.