Russian-Indian trade turnover reaches $38.4 billion in 2022

The trade turnover between Russia and India have reached $38.4 billion in 2020.

Russia for the first time in history has become one of the five largest trading partners of India - the volume of trade between the countries in 2022 reached $38.4 billion, TASS quoted the latest statistics from the Ministry of Commerce and Industry of India as saying on March 29.

"Thus, the goal set by the leaders of our countries to increase turnover to $30 billion by 2025 has been achieved in advance," said the head of Rosneft Igor Sechin as quoted by the press service.

Rosneft has been actively developing the integrated format for cooperation with Indian partners along the whole processing chain, from extraction to refining and oil product sales.

On March 29, Rosneft and the Indian Oil Company signed an agreement to increase oil supplies to India and diversify its grades. The agreement was signed during a working trip of Sechin to India, where he met with representatives of state departments of India, as well as with the heads of a number of the country's largest oil and gas companies.

"Particular attention was paid to the ongoing implementation of joint projects between Rosneft and its Indian partners, including Sakhalin-1, Taas-Yuryakh and Vankorneft," according to the report.

The trade turnover between the two countries may reach $50 billion this year, Chairman of the Board of the Business Council for Cooperation with India Sergey Cheremin said on March 27.

He also recalled that over the past year, this figure has exceeded $30 billion. "Just a few years ago, we dreamed of a trade turnover of $25 billion with India, because at that time it was less than $10 billion," Cheremin said.

In early February, Indian Ambassador to Russia Pawan Kapoor announced a significant increase in trade between the two countries, despite the West's anti-Russian sanctions. According to the diplomat, in April-December 2022, this figure reached around $35 billion.

Deputy Chairman of the State Duma Alexander Babakov said earlier on March 27 that India, Russia and China should form a new financial relationship with a new common currency, which could be a digital ruble, rupee or yuan, calling it a top priority.

A Russian-Indian business forum is being held in New Delhi on March 29-30 as part of the St. Petersburg International Economic Forum's international events. The meeting in New Delhi aims to improve Indian-Russian business relations and facilitate Russian companies entering the Indian market.