Report: India & Russia are finalising Rupee-Ruble payment system to boost export

A media report has claimed that 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. This amid sweeping international sanctions on Russia for invading Ukraine. A Bloomberg report added that India is looking to export products supplied by countries who have halted shipments after U.S. and its allies imposed sanctions. The report added that for this, Prime Minister Narendra Modi's administration is in talks with Moscow to liberalize market access for several Indian-made products. 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. Watch this video for more.