Russia-India Trade to Reach $100 Billion Before 2030

India is confident it will reach $100 billion of bilateral trade with Russia before the 2030 target, Indian Foreign Minister Subrahmanyam Jaishanker said on November 11 at the India-Russia Business Forum in Mumbai.

• Trade between the two countries is currently at $66 billion, largely consisting of Indian imports of Russian oil.
• This trade has grown more than fivefold over the past five years, making India Russia’s second-largest trade partner after China.

Around 90 percent of trade now occurs between local or alternative currencies, Russian Deputy Prime Minister Denis Manturov pointed out at the forum.

Circumventing sanctions: Since Russia invaded Ukraine in 2022, Western sanctions have forced Russia to increasingly rely on the Asian market to export its crude oil. In July of 2022, India permitted the payment of international trade in rupees to provide an alternative for Russia and others to settle international payments. As a result, India has become a large importer of Russian oil at discount prices, most of which it processes and sells to Europe.

India-Russia axis: India’s economic support of Russia is not surprising to those familiar with Bible prophecy. The Bible foretells of a massive Asian bloc it calls “the kings of the east.” This alliance will be led by Russia, and will include India and China.

To learn about this alliance in detail, read Russia and China in Prophecy.