Russia holds Billions of Indian Rupees but can’t use here’s why
Russia has accumulated billions of Rupees in Indian Banks which It can’t use,Foreign Minister Sergei Lavrov said on Friday pointing to ballooning trade surplus with South Asian nations. “This is a problem” Lavrov told reporters in India’s western sate of Goa on sidelines of Shanghai cooperation organisation meeting . We need to use this money but to use it we need to convert this INR to another currency and we are discussing on this issue for a long time now.He said this will be resolved at the earliest.
On other hand India’s exports to Russia has shrunk to 11.8% to $ 2.7 Billion in last financial year whereas imports have rose to five folds to $45.56 Billion, according to the data from the ministry of commerce and industry .That the surge came as Indian refiners have scooped up discounted crude oil in the past year which has been shunned by the west in response to Vladimir Putin’s invasion of Ukraine.
as per sources India has imported crude oil to the time 1.68 million barrels per day in April last year.
kremlin initially encouraged India to trade national currency following sanctions on Russian Banks and ban on transactions using SWIFT messaging system.
But volatility in the rouble soon after the war began meant plans for a rupee-rubble mechanism for oil imports were abandoned.India as resisted pressure from USA and UK to scale back relations with Moscow since the invasion of Ukraine.
Russia is the largest supplier of defence weapons and military equipment.Though defence supplies to south Asian nations have stalled due to sanction imposed by USA.
Indian payment of $2 Billion for weapon to Russia has been put on hold as Russia wants to settle the bill in dollars only.
https://kapusangam.com/WP/russia-holds-billions-of-indian-rupees-but-cant-use-heres-why/https://kapusangam.com/WP/wp-content/uploads/2023/05/5609ACCA-7666-4F3A-BA9D-CAFBC49495E7.jpeghttps://kapusangam.com/WP/wp-content/uploads/2023/05/5609ACCA-7666-4F3A-BA9D-CAFBC49495E7-150x150.jpegLatestRussia has accumulated billions of Rupees in Indian Banks which It can’t use,Foreign Minister Sergei Lavrov said on Friday pointing to ballooning trade surplus with South Asian nations. “This is a problem” Lavrov told reporters in India’s western sate of Goa on sidelines of Shanghai cooperation organisation meeting ....admin news@kapusangam.comAdministratorK-News
