NEW DELHI, 13 April 2022, (TON): People with the knowledge of the matter said “India is planning to boost shipments to Russia by an additional $2 billion as the two nations work out a payment system in local currencies to continue bilateral trade amid sweeping international sanctions on Russia for invading Ukraine.”

The people said “to do this, Prime Minister Narendra Modi's administration is in talks with Moscow to liberalize market access for several Indian-made products.”

They asking not to be identified as the talks are private. This comes as the two governments work toward a proposal to settle trade in rupees and rubles and look for ways to balance the trade given that India is a net importer of Russian goods.

They said “India is looking to export products supplied by countries who have halted shipments after U.S. and its allies imposed sanctions.”

On the list are pharmaceutical products, plastics, organic and inorganic chemicals, home furnishings, rice, beverages such as tea and coffee, milk products, and bovine products.