India and Russia aim to boost their bilateral trade to $100 billion by 2030. Despite reaching $65 billion, several hurdles remain, including trade deficits and payment issues. Disagreements over using the Chinese yuan for transactions add to the complexity.

BulletsIn

• India and Russia target $100 billion bilateral trade by 2030 amidst Ukraine war.
• Current trade between the two nations stands at $65 billion.
• Modi and Putin agreed on using national currencies to bypass Western sanctions.
• Analysts predict Russia will export $90 billion to India, while India will export $10 billion.
• Trade imbalance remains a significant issue between India and Russia.
• Russia wants India to use Chinese yuan for payments, which India rejects.
• India offers UAE dirham as an alternative payment currency.
• Russia-China trade has surged to $240 billion amid Ukraine conflict.
• India has increased trade with Russia post-Ukraine war but maintains a tough stance against China.
• Joint efforts include customs process improvements and new trade routes like Chennai-Vladivostok.