External Affairs Minister S. Jaishankar, at the India-Russia Business Forum in Mumbai, highlighted the importance of bilateral trade in national currencies, citing Special Rupee Vostro Accounts as an effective mechanism. Current bilateral trade stands at $66 billion, with a target of $100 billion by 2030. Connectivity projects, including the International North-South Transport Corridor (INSTC), Chennai-Vladivostok Corridor, and the Northern Maritime Route, were noted as key areas of cooperation. The forum precedes the India-Russia Inter-Governmental Commission meeting.

The discussions come amid US sanctions on 19 Indian entities for trade with Russian firms. A new Russian Business Centre, aimed at fostering business ties, will open in New Delhi on November 12.

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