NEW DELHI: India is hopeful of a rupee trade with Russia, a trade ministry official said on Monday, as government data showed a near 400% jump in Russian merchandise imports from April-December compared with a year ago.

India has been exploring a rupee trade settlement mechanism with Russia since soon after Moscow invaded Ukraine in February last year.

The two sides have spoken about facilitating trade in local currencies, Satya Srinivas, a secretary at the trade ministry, told reporters in New Delhi. However, rules have not yet been formalised.

India is hopeful that rupee trade with Russia will pick up in the future, Srinivas said.