At the joint press meet with Prime Minister Narendra Modi on Friday following the 23rd India-Russia annual summit, Russian President Vladimir Putin said that the two countries are working to finalise a Free Trade Agreement and are gradually moving to mutual settlements in national currencies. In his statement, Putin said, “The Prime Minister gave us a list of challenges that deserve the attention of both governments, and we will act on them. The creation of a Free Trade Agreement between India and the Eurasian Economic Union will help. Our countries are gradually moving to mutual settlements in national currencies, which already account for 96 per cent of commercial transactions. We are also witnessing successful partnerships in energy - stable supplies of oil, gas, coal, and everything required for India’s energy needs.”
President Putin also said that India-Russia trade grew 12% last year and the turnover this year is also expected to be strong.
Putin added that Russia and India pursue independent foreign policies and defend UN principles with like-minded countries.
Addressing the joint press meet with Russian President Vladimir Putin after the summit, PM Modi said, “India and Russia are working towards the early conclusion of a free trade agreement with the Eurasian Economic Union.”
PM Modi also shared that they have signed a Vision 2030 document to further economic cooperation. “Both of us will take part in the India-Russia Business Forum. I am confident this platform will strengthen our business relations and open new avenues for co-production and co-innovation. Both countries are also taking new steps to realise an FTA with the Eurasian Economic Union.”
‘Energy security strong pillar of India-Russia ties’
PM Modi said that energy security has been a strong and important pillar of the India-Russia partnership. “Our decades-old cooperation in civil nuclear energy has been crucial in realising our shared clean energy priorities. We will continue this win-win cooperation. Our cooperation in critical minerals is crucial to ensuring secure and diversified supply chains across the world. This will provide strong support to our partnership in clean energy, high-tech manufacturing, and new-age industries.”
“Our deep cooperation in shipbuilding has the potential to strengthen Make in India. This is another excellent example of our win-win cooperation, which will boost jobs, skills, and regional connectivity.”
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Does trade in mutual currencies between nations impact US?
Several countries had talked of building an alternative economic architecture to the existing one dominated by the West and trade in mutual currencies rather than in the US dollar.
But trade in non-dollar currencies, referred to as ‘de-dollarisation’ poses a threat to the value and supremacy of the US dollar and US economic dominance.
Russia and China took the lead in de-dollarisation and in 2023, announced plans to increase bilateral trade in non-USD currencies. In 2024, over 90% of Russia-China bilateral trade was carried out in Russian rubles and Chinese yuan. Both countries also launched an alternative cross-border payment mechanism to the US-dominated SWIFT (Society for Worldwide Interbank Financial Telecommunication) system.
US President Donald Trump adopted a tough stand against de-dollarisation and issued threats of imposing tariffs on nations challenging the supremacy of the US dollar. After assuming office in his second term, Trump threatened BRICS countries that they would face 100 per cent tariffs on trade with the US if they continued their de-dollarisation efforts.
