Russia's Billions of Indian Rupees Stuck in Limbo
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.