New Delhi’s transactions with key partners, including Russia, have been complicated by Washington, according to Indian Foreign Minister Subrahmanyam Jaishankar. Despite this, India is determined to find “workarounds” to secure its interests and maintain settlements with global partners, while reaffirming its commitment to the US dollar.
Jaishankar emphasized that India does not have any ill intentions towards the dollar but sometimes faces challenges due to US policies. He highlighted the shift towards multipolarity in global affairs, which may impact currencies and economic dealings in the future.
India’s trade partners in the region, such as Bangladesh, Sri Lanka, and Nepal, have experienced difficulties in importing essential commodities due to a shortage of dollars. Additionally, US sanctions against Iran have affected Indian exporters, while trade with Russia has been disrupted by US-led sanctions over the Ukraine conflict.
Despite Western scrutiny, India has bolstered its transactions with Russia, surpassing $60 billion in bilateral trade last year. Both countries have committed to increasing trade volume to $100 billion by 2030. The shift towards using national currencies in trade with partners like Russia and China reflects a broader trend in global economic relations.