Brief by Shorts91 Newsdesk / 04:56pm on 03 Sep 2026,Thursday India Global
Russia says financial settlement problems with India have largely been resolved, with the two countries now using a functioning payment system based on the rupee and rouble. The mechanism handles about 96% of bilateral trade, according to Ivan Nosov, head of Sberbank’s Indian operations. Around 22 Russian and 17 Indian banks currently facilitate transactions. Nosov said 90% of payments are completed within 10 minutes, while more than half take less than a minute. The development is particularly important for energy trade, as India remains a major buyer of Russian oil despite Western sanctions. Bilateral trade reached a record $70 billion in 2024. (PC: Reuters)
