Western sanctions against Russia over its invasion of Ukraine have given a boost to China's efforts to internationalise its currency, with a dramatic increase in its use in commodity and energy trade with Russia
India last year implemented a broader framework to facilitate overseas trade in rupees through vostro accounts
In an article published at the beginning of his Moscow trip, Xi said the two countries adhered to the concept of "eternal friendship and mutually beneficial cooperation"
Many Russian banks have been blocked from the SWIFT network due to Western sanctions over Moscow's invasion of Ukraine
The firm also plans to help establish a Russian production site for the drones which are similar to Iran's Shaheed-136 and can carry a 35-50kg warhead
India is also pushing to avoid using the term "war" to describe Russia's invasion of Ukraine in official communique, G20 officials said
Russia has been diverting oil exports from Europe to Asia as the US and its allies try to choke off its energy revenues to limit its ability to fund the Ukraine war
"All these Arctic crudes usually go to the EU but now they have to go elsewhere," a trader in Singapore said, adding that "Now India and China are their major homes."
Xi wants China and Russia to transact more deals in rubles and yuan to insulate the two against future Western sanctions
The system is ready to be tested after exporters had an importers have opened new bank accounts to enable rupee trade.
Russia accounted for 22% of India's total crude imports last month, supplying 946,000 barrels per day, The Economic Times reported
India’s fast-rising Russian oil imports are being matched by its rising oil exports suggesting it may be reselling Russia’s oil to the West.