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Russia to boost financial ties with India amid Western sanctions — Foreign Ministry

The diplomat commented on the statement by the Director General of the Federation of Indian Export Organizations Ajay Sahai, about India starting to settle accounts with Russia in rupees this week

MOSCOW, December 22. /TASS/. Russia intends to strengthen financial ties with India amid Western sanctions, Russian Foreign Ministry spokeswoman Maria Zakharova said on Thursday.

The diplomat commented on the statement by the Director General of the Federation of Indian Export Organizations Ajay Sahai, about India starting to settle accounts with Russia in rupees this week.

"We are talking about the growing instability in the system of international cross-border settlements against the backdrop of illegal anti-Russian sanctions, as well as systematic work to strengthen bilateral financial cooperation with our friendly countries, including India," she said.

Sahai said earlier that Russian banks have opened 10-11 Indian currency accounts with Indian banks for trade settlements in rupees.

Russian ambassador to India Denis Alipov said earlier that Moscow and New Delhi will complete the task of reaching a trade turnover worth $30 bln set by the leaders of the two countries by 2025 ahead of schedule, by the end of this year. "It is safe to say even now that we will cope with the task set by the leaders of our countries to bring trade turnover to $30 bln ahead of schedule. The task suggested reaching it in 2025, though we will complete it by the end of this year," the diplomat said.

So far, the task is being completed mainly through increasing Russian supplies of hydrocarbon crude, fertilizers and a number of farm products to India, he added.