India has expressed its desire to convert its transactions with Russia into rupees, which is explained by a significant increase in trade turnover between the countries in the past few years. This is due to a multiple increase in imports of Russian oil, which other countries have imposed restrictions on since the outbreak of the conflict in Ukraine. According to sources, trade between India and Russia has increased fivefold in the past three years.

Bilateral trade has now reached $66 billion, making the $100 billion target by 2030 more than achievable. India, one of the largest buyers of Russian oil, has been actively expanding cooperation with Moscow, offering its own financial terms to facilitate trade and circumvent Western sanctions imposed on Russia.