India expects $8-$9 billion in trade with Russia and Sri Lanka in 2 months

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NEW DELHI: India expects bilateral trade worth $8-9 billion with Russia and Sri Lanka in the next two months after it allowed international trade in rupees, India’s trade secretary said.
The Reserve Bank of India last month allowed importers and exporters to pay in the partially convertible rupee, a move widely seen as making trade with Russia and South Asian neighbours easier instead of relying on dollars.
“The rupee-denominated sales will be a big, big advantage,” B V R Subrahmanyam told reporters late on Tuesday. “I see in the next two months $8-$9 billion of trade with Russia and Sri Lanka.”
He did not give a break down in trade by country.
India’s imports from Russia, mainly crude oil, jumped nearly five times to more than $15 billion between the end of July and Feb. 24 when Russia invaded Ukraine, compared to the previous year, according to a source with direct knowledge of the…

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