Read more about Bilateral payments with Russia unlikely to be impacted amid sanctions on Business Standard. Russia is one of biggest suppliers of defence products and equipment to India, mostly under government-to-government contracts
Bilateral payments with may not be impacted even as the US and other western countries have imposed economic sanctions on Moscow in the wake of the attack on India and bilateral payments are made in Indian rupee. For both imports and exports, payments are made or received in rupee for shipments. So, sanctions by the West may not have an impact on the payments, barring exchange rate fluctuation, sources said on Friday. is one of biggest suppliers of defence products and equipment to India, mostly under government-to-government contracts. Bilateral trade between India and Russia stands at USD 9.4 billion so far this fiscal year, against USD 8.1 billion in 2020-21. India’s main imports from Russia include fuels, mineral oils, pearls, precious or semi-precious stones, nuclear reactors, boilers, machinery and mechanical appliances, electrical machinery and equipment, and fertilisers.
