Russia's Billions of Indian Rupees Stuck in Limbo
TL;DR Summary
Russia has billions of rupees sitting in Indian banks, but is facing difficulties in converting the currency due to exchange-rate volatility. Russia has a trade imbalance with India, which has been a top buyer of Russian energy. Moscow has been hesitant about using the rupee and prefers to be paid in Chinese yuan, which has become the most-used foreign currency in Russia. The currency dispute has also frozen weapons sales between the two countries.
- Russia says there's a problem with billions of rupees it has in India that need to be converted Yahoo Finance
- India's Rupee trade with Russia 'takes a hit'; Lavrov points out the problem | Watch Hindustan Times
- Russia has billions of Indian rupees it can’t use South China Morning Post
- Russia Says It Has Billions of Indian Rupees That It Can't Use Bloomberg
- India-Russia Ties ‘Nose Dive’; After S-400 Shipments, Russia Could Now Suspend Oil Exports To India EurAsian Times
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