India imported $3.3 billion in goods to Russia in 2021, and the finance ministry has no plans to slow that source of revenue. India has not placed sanctions on Russia. The Federation of Indian Export Organizations (FIEO) announced that India will now switch to a SWIFT alternative that permits rupee-ruble payments between the two nations.
India might soon announce a payment arrangement that will allow it to trade with Russia using local currencies, rupee and ruble, according to A. Sakthivel, the president of Federation of Indian Export Organizations (FIEO).