prasad1
Active member
Russia's amassing $1 billion worth of Indian rupees each month that it's struggling to use.
India has been buying Russian oil using rupees as Moscow has been shut out of the USD-denominated global payments system.
But Russia now has problems using the rupees and repatriating the currency.
Russia's oil trade with India is booming — but Moscow doesn't know how to fully reap the benefits of that trade.
Even since Russia was cut off from the US dollar-dominated global payments systems following sweeping sanctions off the Ukraine war, the two countries have used the Indian rupee for trade.
However, Russia's now having issues with trading in the rupee because there's more Indian demand for Russian goods than the other way around — meaning Russia has been saddled up to $1 billion worth of rupees each month that's stuck in Indian banks, according to Bloomberg calculations on Thursday.
India has been buying Russian oil using rupees as Moscow has been shut out of the USD-denominated global payments system.
But Russia now has problems using the rupees and repatriating the currency.
Russia's oil trade with India is booming — but Moscow doesn't know how to fully reap the benefits of that trade.
Even since Russia was cut off from the US dollar-dominated global payments systems following sweeping sanctions off the Ukraine war, the two countries have used the Indian rupee for trade.
However, Russia's now having issues with trading in the rupee because there's more Indian demand for Russian goods than the other way around — meaning Russia has been saddled up to $1 billion worth of rupees each month that's stuck in Indian banks, according to Bloomberg calculations on Thursday.
