Advancing Rupee–Ruble Trade, Strategic Investments, and Long-Term Partnerships
New Delhi | 18th November 2025
The Global Trade & Technology Council (India) [GTTCI] organised and facilitated the visit of a high-level delegation from VTB Bank to India on 18th November 2025, marking an important milestone in strengthening India–Russia economic and financial cooperation. The visit built upon the strong institutional framework established through the Memorandum of Understanding (MoU) earlier signed between GTTCI and VTB Bank, aimed at promoting structured collaboration in trade facilitation, financial mechanisms, and long-term investment partnerships.
The engagement reflected the shared commitment of India and Russia to deepen bilateral cooperation, particularly in the areas of Rupee–Ruble trade settlements, reinvestment of ruble earnings, and joint ventures across key Indian sectors. It took place against the backdrop of a rapidly evolving global economic environment, where both nations continue to pursue resilient and mutually beneficial economic partnerships rooted in trust and long-standing diplomatic ties.
Strengthening the Rupee–Ruble Trade Framework
A central focus of the discussions was the advancement of Rupee–Ruble trade mechanisms, which have emerged as a vital tool for facilitating bilateral trade. Deliberations emphasized improving settlement efficiency, expanding trade volumes, and strengthening financial channels that allow businesses from both countries to transact smoothly using national currencies.
The Rupee–Ruble framework was highlighted as an important instrument for enhancing financial resilience by reducing reliance on third-country currencies. The delegation explored ways to streamline banking processes, improve liquidity management, and address operational challenges, with the objective of encouraging broader participation from Indian and Russian enterprises.
Reinvestment of Ruble Proceeds into the Indian Economy
Another key agenda item was the reinvestment of ruble proceeds generated through bilateral trade into the Indian economy. With GTTCI’s facilitation, discussions focused on identifying structured pathways to channel these funds into productive investments across multiple sectors in India.
Such reinvestments are expected to create a virtuous cycle of trade and investment, supporting long-term economic cooperation. By reinvesting ruble earnings into Indian projects, both sides aim to strengthen capital flows, foster industrial growth, generate employment, and enhance economic interdependence.
Promoting Joint Ventures Across Strategic Sectors
The visit highlighted strong interest in joint ventures across a wide spectrum of Indian sectors, including energy, defence, healthcare, sports, fintech, and the broader finance ecosystem. These discussions reflected the expanding and diversified nature of India–Russia economic engagement.
In the energy sector, conversations focused on cooperation in conventional and emerging domains, including infrastructure development and technology exchange. Defence collaboration centred on long-standing partnerships, co-production, and innovation-led initiatives. Healthcare emerged as a priority area, with potential joint initiatives in medical technology, pharmaceuticals, and wellness infrastructure. Fintech and financial services discussions explored opportunities in digital payments, financial inclusion, and cross-border financial technologies, while sports cooperation highlighted growing people-centric and commercial engagement.
Role of VTB Bank and GTTCI in Bilateral Engagement
VTB Bank’s engagement underscored its commitment to facilitating cross-border trade and investment between India and Russia by enabling access to tailored financial solutions and long-term investment opportunities. In partnership with GTTCI, the focus remains on building stable financial mechanisms that support joint ventures, infrastructure financing, and sector-specific collaboration aligned with shared development priorities.
Strengthening Engagement Through Informal Dialogue
Complementing formal meetings, Dr. Rashmi Saluja, Chairperson of GTTCI, hosted an exclusive dinner meeting at her residence with Mr. Rafael Gimalov. The informal interaction provided a meaningful platform for candid dialogue on strengthening trust, exploring long-term collaboration opportunities, and reinforcing people-to-people connections as a foundation for sustained international cooperation.
Looking Ahead
The GTTCI-organised VTB Bank delegation visit marked a significant step in advancing India–Russia economic diplomacy. By strengthening Rupee–Ruble trade mechanisms, promoting reinvestment frameworks, encouraging joint ventures, and reinforcing institutional and personal engagement, the visit laid a strong foundation for deeper and more diversified bilateral cooperation.
As discussions progress toward concrete initiatives, the engagement is expected to further strengthen trade, investment flows, and long-term economic collaboration between India and Russia.
VTB Bank and GTTCI Leadership Engage with Delhi Chief Minister on State-Level Collaboration
Following the VTB Bank delegation’s visit to India, Ms. Olga Basha, Member of the Board, VTB Bank, Russia, and Dr. Rashmi Saluja, Chairperson, Global Trade & Technology Council (India), paid a courtesy visit to the Chief Minister of Delhi to explore avenues for state-level collaboration and economic engagement. The interaction marked an important step in extending India–Russia cooperation from the national framework to focused partnerships at the state level.
The discussions were described as insightful and forward-looking, with emphasis on leveraging Delhi’s position as a major economic, technological, governance, and tourism hub. Conversations focused on identifying opportunities where international financial expertise and institutional collaboration could align with Delhi’s development priorities and long-term growth ambitions.
Key areas of engagement included urban infrastructure development, healthcare, digital innovation, fintech, sustainable solutions, and tourism promotion, where Delhi continues to play a leading role among Indian states. The dialogue highlighted the potential for collaboration in tourism infrastructure, cultural engagement, and visitor-driven services, alongside investment facilitation, technology exchange, and joint initiatives that support inclusive and innovation-led growth.
Ms. Olga Basha highlighted VTB Bank’s interest in supporting structured financial cooperation and long-term partnerships that enable regional development and investment-led growth. Dr. Rashmi Saluja underscored GTTCI’s role as a bridge between global institutions, policymakers, and Indian states to translate international cooperation into tangible, on-ground outcomes.
The engagement with the Delhi Chief Minister reaffirmed a shared vision of fostering practical, state-centric collaborations that complement the broader India–Russia strategic partnership. By strengthening dialogue at the state level, the meeting reflected a commitment to advancing focused initiatives that contribute to Delhi’s economic progress, tourism development, and India’s global engagement.
VTB Bank and GTTCI Leadership Hold Strategic Discussions with Telangana Deputy Chief Minister on Sectoral Collaboration
As part of high-level engagements in India, Ms. Olga Basha, Member of the Board, VTB Bank, Russia, and Dr. Rashmi Saluja, Chairperson, Global Trade & Technology Council (India), met Hon’ble Deputy Chief Minister Shri Bhatti Vikramarka Mallu Garu to explore avenues for strategic state-level cooperation and industrial collaboration.
The meeting focused on strengthening partnerships in priority sectors aligned with Telangana’s development vision, with detailed discussions on energy, defence, sports, and industrial joint ventures. Telangana’s progressive industrial policies, investor-friendly ecosystem, and strong infrastructure base were highlighted as key enablers for attracting international collaboration and long-term investments.
In the energy sector, discussions covered cooperation in power generation, clean energy solutions, and energy infrastructure, supporting Telangana’s emphasis on sustainable and resilient growth. The defence sector also emerged as a key area, with focus on industrial partnerships, manufacturing capabilities, and innovation-led collaboration aligned with India’s broader defence ecosystem.
The dialogue further explored collaboration in sports development, including infrastructure creation, training ecosystems, and commercial opportunities linked to sports-related industries. Industrial joint ventures were identified as a critical pathway for translating bilateral cooperation into tangible outcomes, generating employment, and strengthening regional manufacturing capacity.
Ms. Olga Basha emphasized VTB Bank’s interest in facilitating financial frameworks and investment mechanisms that support long-term industrial partnerships at the state level. Dr. Rashmi Saluja highlighted GTTCI’s role in connecting global institutions with Indian states to enable technology transfer, investment facilitation, and focused sectoral collaboration.
The meeting reaffirmed a shared commitment to building practical, sector-driven partnerships that complement the broader India–Russia strategic relationship, positioning Telangana as a key destination for global collaboration and industrial growth.
VTB Bank and GTTCI Leadership Meet Union Minister Gajendra Singh Shekhawat to Strengthen Cultural and Tourism Cooperation
Concluding a series of high-level engagements in India, Ms. Olga Basha, Member of the Board, VTB Bank, Russia, and Dr. Rashmi Saluja, Chairperson, Global Trade & Technology Council (India), met Shri Gajendra Singh Shekhawat, Union Minister of Tourism and Culture. The interaction was marked by warm appreciation for the Minister’s visionary leadership in promoting India’s cultural heritage and strengthening the tourism ecosystem.
The meeting focused on enhancing tourism and cultural collaboration as vital pillars of international engagement. Discussions highlighted India’s rich and diverse cultural legacy, its growing global tourism appeal, and the role of cultural diplomacy in deepening people-to-people connections. Ms. Olga Basha and Dr. Rashmi Saluja expressed admiration for initiatives positioning India as a world-class tourism and cultural hub.
Special appreciation was conveyed for the Ministry’s efforts in heritage conservation, experiential tourism, and global cultural outreach. The dialogue also explored opportunities for international partnerships, investment facilitation, and collaborative initiatives to support tourism infrastructure, cultural exchange programs, and creative industries.
Dr. Rashmi Saluja reaffirmed GTTCI’s commitment to advancing cross-border cooperation in culture-driven sectors and aligning global institutions with India’s tourism and cultural vision. Ms. Olga Basha echoed these views, commending the Minister’s leadership in creating an enabling environment for international collaboration.
The meeting concluded on a positive and forward-looking note, reaffirming cultural diplomacy as a powerful bridge between nations and reinforcing the broader framework of India–Russia engagement through heritage, creativity, and people-centric collaboration.