Indian Delegation To Discuss Rupee Trade In Russia Next Week

Rupee-denominated trade will be among discussion topics when a high-level delegation visits Russia next week, an Indian official told reporters, another sign that the South Asian nation is deepening ties with BRICS partners after US President Donald Trump’s punitive tariffs.

The Indian team will visit Moscow Aug. 20-21, the official said in New Delhi Thursday, asking not to be identified as he’s not authorized to speak publicly on the matter. India will also discuss a free trade agreement with Eurasian Economic Union countries during the visit, the official said.

Trump created a rift with Indian authorities by imposing a 50% tariff on the country’s exports — significantly higher than duties on regional peers. Trump has cited India’s purchases of Russian oil and has slammed the BRICS grouping as anti-US. 

India has previously said that de-dollarization isn’t part of the BRICS agenda, and that member countries are only discussing cross-border payments.

Prime Minister Narendra Modi’s administration has taken a series of steps in recent weeks to foster closer ties with Brazil, Russia and China, after Trump’s tariffs.