Russia climbs to 4th position in India’s top 10 merchandise import source nations

The government on Monday said Russia moved to the fourth position on the list of Top 10 Merchandise Import Source Nations during April-December 2022 because of the significant increase in oil imports by the country from Russia in the current financial year.

The merchandise imports from Russia increased from USD 6.58 billion in April-December 2021 to USD 32.88 billion in April-December 2022, which is an increase of 399.73 per cent, according to the ministry of commerce and industry.

It can be noted that the bilateral trade with Russia has seen a significant increase, with both sides engaging at all levels to resolve issues related to trade barriers, payment mechanisms, logistics and others, according to the ministry.

The ministry on Monday maintained that both sides are trying to enhance this trade relationship having due regard to each other’s requirements and capabilities.

In one of the developments, Russia is having a discussion with the Indian government to use the Indian rupee (INR) for its foreign trade.

It has been also learnt from the commerce ministry that other than Russia, India is also having discussions with Sri Lanka, Bangladesh and Mauritius on using the rupee for their international trade.