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.