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Source- This post on the India-Russia Summit Key Takeaways has been created based on the article “Russia, India agree to go ahead with trade in national currency: diplomat” published in “The Hindu” on 11 July 2024.
Why in the news?
Recently, India and Russia have decided to establish a system for national currency settlement.
Key Takeaway from two-day visit to Russia
1. India and Russia have agreed to establish a national currency settlement system, enhancing bilateral trade by avoiding reliance on third-party currencies.
2. Russia is the fourth largest trading partner of India. The discussions during the visit focused on economic aspects, with significant growth in trade, particularly in the energy sector, following Western sanctions on Russia.
3. The issue of Indian nationals fraudulently recruited into the Russian fighting forces was addressed.
UPSC Syllabus: International Relations
