A rupf-rouble mechanism will help both economies guard against foreign currency risks and impose U.S. banking sanctions on trade with Russia. Russia called for the introduction of rupf-rouble trade to boost bilateral trade with India, and said it has developed a strategy to strengthen economic cooperation with India. “Our country is studying investment protection and the prevention of a double taxation agreement with India…. We are also dealing with the trade in national currencies and a strategy for economic cooperation,” Russian Economic Development Minister Maxim Oreschkin told a joint economic council hosted by ICN on Thursday. Last October, India signed a $5.4 billion contract for S-400 missile systems with Russia and agreed to pay in rubles. Trade and Industry Minister Suresh Prabhu, who also participated in the Assembly, proposed an agreement with Russia on diamond imports in a way that did not have a negative effect on India`s balance of payments. He said that India was the hub for cutting and polishing diamonds, and that Russia had huge reserves of diamonds. “It`s not just S-400, there are other contracts that are being discussed on finding new payment methods. It is not yet finished, but the general direction is a stronger use of national currencies. So there will be payments in rupees and rubles, and we intend to move things forward on a mutually acceptable basis,” Said India`s Ambassador to Russia, D.
Bala Venkatesh Varma, last December. 15 Days Trial Version – Includes DocuBay and TimesPrime subscriptions valued at 1,499 years, respectively, 999 ejaculations and access to exclusive content from the Hindu business line via desktops, tablets and mobile devices. “The latest legislation will exempt only three countries – India, Indonesia and Vietnam – from a robust sanctions regime passed and imposed last year,” said Republican Senator Jim Inhofe of Oklahoma, who helped draft the annual Defense Act as part of the House of Representatives Armed Services Committee last July. India Today has learned that the two countries and the two industries on both sides are discussing the Ruto-Rouble agreement as payment and transaction methods to achieve uninterrupted economic, trade and defence cooperation. Brands, especially digital kids, are taking this route, but not everyone can make it work let you be joined by one of our advance booking packages. Or click on the free trial to get 14 days of free trial. You can`t perform in restaurants, but buzz online Get full digital access to the Hindu BusinessLine, The Hindu, Frontline, Sportstar, Crossword, Epaper replica of The Hindu and The Hindu BusinessLine in A SINGLE REDUCED PRICE! As America`s line hardens, former diplomat Anil Trigunayat, who served as ambassador to Moscow, is more optimistic about how things might end for India`s “strategic” partners. India is far too important, and it is a huge defence market for the United States to let go of a deal, that is what this former Indian diplomat says.
The two countries will sign a Memorandum of Understanding that will facilitate cooperation between the Atal Indian Innovation Mission and the Russian creative school SIRIUS in the field of science and technology. Bilateral trade between India and Russia increased by 42% in 2017/18 to $10.68 billion, up from $7.48 billion in 2016-17. However, India`s exports were estimated at just over $2 billion, while Russia exported $8.5 billion. Two-way investments have already exceeded $30 billion and a new $50 billion target could be set for 2025. The other agreements, India recently signed with Russia, include a $940 million contract for two Talwar-class frigates, $960 million for two Russian frigates of Admiral Grigorovich, a $1.1 billion contract for 48 hel