Moneycontrol PRO
HomeNewsBusinessEconomyCommerce Ministry delegation to join EAM Jaishankar during Russia visit; Eurasian FTA, rupee-rouble settlement on agenda

Commerce Ministry delegation to join EAM Jaishankar during Russia visit; Eurasian FTA, rupee-rouble settlement on agenda

India and the five-nation Eurasian Economic Union bloc have been working towards launching formal negotiations for a proposed free trade agreement. The five members of the bloc are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.

August 14, 2025 / 18:18 IST
EAM Jaishankar’s visit to Russia on August 21 to meet his counterpart Sergey Lavrov was confirmed by the Russian foreign ministry earlier this month.

A delegation from the Commerce Ministry will join External Affairs Minister S Jaishankar during his visit to Russia later this month, government officials have said on August 14.

During a meeting scheduled with Russian officials around August 21, the issue of settlement of trade in local currency is likely to be taken up, along with setting the stage to commence talks for a free trade agreement with the Eurasian Economic Union (EEU) bloc of countries, the officials said. The five members of the bloc are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.

Moneycontrol had previously reported that state-run oil refiners had bought Russian oil through UAE-based traders, and settled payments in dirhams as New Delhi had failed to establish a direct rupee-rouble mechanism with Moscow for oil procurement.

India and the five-nation Eurasian Economic Union have been working towards launching formal negotiations for a proposed free trade agreement. “If we reach a breakthrough, then we will begin formal round of talks for the trade deal,” one of the officials said.

EAM Jaishankar’s visit to Russia on August 21 to meet his counterpart Sergey Lavrov was confirmed by the Russian foreign ministry earlier this month.

“The ministers will discuss key issues on our bilateral agenda, as well as key aspects of cooperation within international frameworks,” the Russian foreign ministry said in a brief statement on August 13.

This follows National Security Advisor Ajit Doval’s meeting with Russian President Vladimir Putin earlier in August, after US President Trump announced an additional 25 percent tariff on Indian exports in response to New Delhi’s ongoing crude oil purchases from Moscow, raising the total levy to 50 percent.

Adrija Chatterjee is an Assistant Editor at Moneycontrol. She has been tracking and reporting on finance and trade ministries for over eight years.
first published: Aug 14, 2025 06:18 pm

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

  • On Saturdays

    Find the best of Al News in one place, specially curated for you every weekend.

  • Daily-Weekdays

    Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347