Russia India trade hits $70 billion driven by discounted oil
Russia and India's trade reached a record $70 billion in 2024, three times what it was in 2022, mostly because India is buying more discounted Russian oil after Western sanctions.
By 2026, nearly all transactions (96%) are done in rupees and rubles, making things smoother for both sides.
India Russia payments system speeds trade
A functioning payments infrastructure linking 22 Russian banks, including Sberbank, and 17 Indian banks means most deals happen super fast, 90% wrap up in under 10 minutes.
Sberbank's Ivan Nosov called it one of Russia's most reliable systems.
Still, Indian exports haven't caught up with the surge in oil imports, so there's a bit of imbalance.
Trade dipped in 2025 due to tougher sanctions, but bounced back in the first half of 2026, with PM Modi highlighting growing economic ties with Russia.