The countries must roll out mechanisms to achieve the targeted $100 billion in trade by 2030, a key official has told RT India
India and Russia must de-dollarize to boost bilateral trade as the countries roll out mechanisms to achieve the targeted $100 billion by 2030, a key Russian official told RT India.
Russia is developing a mechanism to expand payments and settlements in local currencies with partner countries such as India, Moscow’s trade representative to India, Zlata Antusheva, explained.
“It is extremely important to create an independent system with the use of local currencies,” she noted, pointing out that most of the payments between Russia and India are now “made in local currencies.”
Antusheva said that three Russian banks – Sberbank, Gazprom Bank, and VTB Bank – have operations in India. Alfa Bank, the biggest private bank in Russia, is likely to set up shop in the country soon.
Russia and China have essentially eliminated the use of Western currencies in bilateral trade.
????? Sberbank Rolls Out ‘10-Minute Cross-Border Transaction Mechanism’ as Trading in National Currencies Accelerate - Zlata Antusheva, Lead of Govt Relations, Finance Sector, Trade Representative of Russia in India‘Most part of our deals are happening in national currencies… t.co/ulGxnoCShw pic.twitter.com/9qVg5yDL6H
— RT_India (@RT_India_news) July 8, 2026“Our main goal is to de-dollarize and to focus on development of our own currencies, of course, after some time, not only (at) bilateral level but at the regional level, at the BRICS level,” she asserted.
Moscow is seeking to create a more useful mechanism to make life easier for businesses, she continued, citing Sberbank, where businesses can now make a financial transaction in only 10 minutes.
Read more Russia-China trade almost 100% outside Western currencies – finance ministerThe Russian trade representative said that the countries should focus more on the technology sector, electronics, artificial intelligence, pharmaceuticals, manufacturing, and chemicals sectors.
Antusheva stressed the need for sovereign infrastructure to ensure technology independence, aligning with India’s self-reliance policy.
An India-Russia AI Cybersecurity Center of Excellence is also in the works, she noted, adding that it can connect the “AI ecosystem between the two countries, and then take it to the other BRICS nations.”
Hence then, the article about india and russia must de dollarize to boost trade moscow was published today ( ) and is available on Russia Today ( News ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( India and Russia must ‘de-dollarize’ to boost trade – Moscow )
Also on site :
- Elon Musk’s judge has ‘significant misgivings’ about $1.5 million Twitter settlement—but approves it anyway
- Effy's Pearl Necklace Is Perfect for Embracing the Coastal Grandmother Trend, Now 64% Off at Nordstrom Rack
- Anthropologie’s Nantucket-Inspired $15 Home Essential Has a ‘Whimsical’ Lobster Print That Screams Summer