It is not possible to transfer money for oil sold in Russia. In India, they invest in shares, government securities, and infrastructure projects.
Most of the Indian rupees from the billions accumulated in Indian bank accounts belonging to exporters from the Russian Federation were used by the Russian side. There is no further problem in this regard, reported The Hindustan Times, citing sources.
According to the publication’s sources, Russia used the rupees stuck in India to invest in shares, government securities, and infrastructure projects.
Earlier, the General and Executive Director of the Federation of Indian Export Organizations (FIEO, established by the Ministry of Commerce and Industry of India), Dr. a specific value is not named. The head of FIEO said that trade with Russia in Indian rupees is still going on.
In May 2023, Russian Foreign Minister Sergei Lavrov, following the results of the Council of Foreign Ministers of the Shanghai Cooperation Organization in Panaji (Indian state of Goa), said that Russia has accumulated billions of rupees in bank accounts in India. The Russian minister called it a problem, the solution of which is being discussed.
The main export item of the Russian Federation to India is energy resources. By 2023, Russian exports of oil and petroleum products have doubled – to $45 billion and $4.5 billion, respectively.
It was previously reported that US sanctions have made it difficult to move money to and from Russia.
Russia continues to supply oil to India through the sanctioned Sovcomflot
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.