• Last Update 2022-08-09 20:18:00

India expects $8-$9 bln in trade with Russia and Sri Lanka in two months

World

 India expects bilateral trade worth $8-9 billion with Russia and Sri Lanka in the next two months after it allowed international trade in rupees, India's trade secretary said.

The Reserve Bank of India last month allowed importers and exporters to pay in the partially convertible rupee, a move widely seen as making trade with Russia and South Asian neighbours easier instead of relying on dollars.

"The rupee-denominated sales will be a big, big advantage," B.V.R. Subrahmanyam told reporters late on Tuesday. "I see in the next two months $8-$9 billion of trade with Russia and Sri Lanka."

India's imports from Russia, mainly crude oil, jumped nearly five times to more than $15 billion between the end of July and Feb. 24 when Russia invaded Ukraine, compared to the previous year, according to a source with direct knowledge of the matter.

But exports fell to $852.22 million from $1.34 billion in the same period, due to the lack of a payment settlement mechanism with sanctioned-hit Russia

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