Russia and India settle 96% of trade via ruble-rupee payments
Russia and India are now doing 96% of their trade through a functioning ruble-rupee payment infrastructure, making business between the two countries smoother than ever.
Ivan Nosov, head of Sberbank in India, shared that this upgrade follows a record-breaking $70 billion trade year in 2024.
Ruble-rupee payments clear within 10 minutes
The system is supported by dozens of banks on both sides, and Nosov says that 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, most payments clear in under 10 minutes, with more than 50% done in less than 1 minute. It's helped improve settlements.
Modi recently highlighted how this move strengthens economic ties, especially after India ramped up oil imports from Russia despite Western sanctions.