India-Russia have found ways to settle payment issues: Russian Deputy PM

Russia on Friday said that it has found ways to settle payment issues, including those in defence industry cooperation, with India.

"Yes, the ways of the settlement of this problem have been found," Russian Deputy Prime Minister Yury Borisov told reporters when asked if the parties had managed to resolve payment problems.

Borisov added that Russia and India would focus on carrying out payments with the use of national currencies, taking sanctions pressure into account. According to him, Russia and India almost ready to sign a number of contracts in defence industry.

In September, Borisov said that the two countries are determined to increase the number of transactions in national currencies and that the ruble's share in bilateral transactions totaled 20 per cent at the moment.

Russian President Vladimir Putin on Friday held talks with Indian Prime Minister Narendra Modi during the 19th Annual Summit betwene the two countries.