India likely to discuss rupee-denominated trade with Russia

 A high-level Indian delegation to Russia next week will take up the issue of rupee-denominated trade, sources close to the development said.  
 
A team of officials from the commerce ministry is expected to be a part of the delegation accompanying External Affairs Minister S Jaishankar on his visit to Moscow. According to sources, India is likely to take up discussion on how to advance the rupee trade mechanism.

The move comes amidst increased pressure from the US on India and imposition of a 25% tariff on India along with a proposed penalty tariff of 25% from later this month. US President Donald Trump has attributed this to India’s purchase of crude oil from Russia and has also hit out at the BRICS group as being anti-US.

Meanwhile, officials also noted that India’s trade with China has been growing positively with both imports and exports rising. India is also in touch with the Chinese authority to address the issue of rare earth magnets and to ensure that supplies are not impacted.
 
“The Chinese have issued visas to our companies based on earlier discussions,” they noted.
 
As per official data, India’s exports to China stood at $5.76 billion between April and July 2025 versus $4.8 billion a year ago. China is the fourth-largest export market for India. In July 2025, India’s exports to China stood at $1.35 billion as against $1.06 billion in July 2024.
 
Meanwhile, it remains the top import source for India. Imports from China amounted to $ 40.66 billion between April and July 2025 compared to $35.96 billion a year ago.
 
In recent days, there has been a thaw in relations between India and China and India is also looking to recalibrate its approach to BRICS. Prime Minister Narendra Modi is expected to visit China for the SCO Summit from August 31 to September 1. Chinese Foreign Minister Wang Yi will also visit India on August 18.