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Russian foreign minister Sergey Lavrov may push India for alternative payment mechanisms

India has had a history of trading in local currencies with Russia and Iran. However, the mechanism had to be abandoned as a result of balance of payments issues and skewed trade flows.

March 29, 2022 / 05:57 PM IST

Russian foreign minister Sergey Lavrov is likely to visit India later this week with the primary objective of finding ways to restart Indo-Russian trade.

Lavrov is likely to put pressure on India to adopt an alternative payment mechanism for oil and defence imports, diplomats said. This is the first high-level visit by a Russian leader since Moscow invaded Ukraine on February 24.

The Russian foreign minister arrives after a slew of foreign dignitaries visited India and discussions on Ukraine figured prominently. They include senior US and European officials, and the foreign ministers of China, Greece and Canada. Japanese Prime Minister Fumio Kishida visited earlier this month and the talks focussed on Ukraine.