India and Russia have agreed to continue working towards enhancing the settlement of bilateral trade in the national currencies of the two countries, Prime Minister Narendra Modi and President Vladimir Putin said in a joint statement on Friday (December 5, 2025).

Mr. Putin is in India for a two-day visit to attend the 23rd India-Russia Annual Summit as well as to hold meetings with Mr. Modi. The two leaders also discussed how to remove the tariff and non-tariffs barriers so that the two countries can achieve their target of crossing bilateral trade worth $100 billion by 2030. Annual bilateral trade stood at $68.7 billion in 2024-25.

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