India-Russia: Pioneering the Rupee-Rouble Trade Renaissance at SPIEF

The St. Petersburg International Economic Forum (SPIEF) is advancing India-Russia economic collaboration with a focus on the rupee-rouble trade. Despite Western sanctions, participation has increased, highlighting SPIEF's role in fostering dialogue and bilateral commerce amidst geopolitical challenges, especially in new sectors like pharmaceuticals and cybersecurity.

The St. Petersburg International Economic Forum (SPIEF) is gaining prominence as a pivotal platform promoting India-Russia economic collaboration. With its focus on the rupee-rouble trade, SPIEF is set to redefine bilateral commerce, offering a route to bypass Western financial restrictions.

SPIEF's resilience has been demonstrated through increased participation, even amidst Western sanctions post-Ukraine conflict, growing from 13,000 attendees in 2021 to 21,000 in recent times. Director Alexey Valkov emphasized the significant opportunities in transitioning trade to local currencies—a move that promises reduced dependency on the U.S. dollar.

India-Russia collaboration has reached $65 billion, aiming for $100 billion by 2030. SPIEF's contribution includes new deals spanning sectors like pharmaceuticals and cybersecurity, underscoring its role as a hub of economic diplomacy and innovation.

(With inputs from agencies.)