New Delhi, 9.5: Russian Foreign Minister Sergey Lavrov said on Friday that Russia has deposited hundreds of crores of rupees in Indian banks, which cannot use it. “This is a problem,” Lavrov told the media on the sidelines of the Shanghai Cooperation Organization (SCO) meeting in Goa. We need to use this money. “This money should be transferred to other currencies and the discussion is now on,” he said. He said that this is the biggest problem until this money is converted into other currencies.
According to Bloomberg, India’s total exports to Russia fell by 11.6% to $2.8 billion in the first 11 months of the fiscal year 2022-23, according to data from the Ministry of Commerce and Industry, while exports increased almost five times to $41.56 billion. India’s imports of Russian crude oil continued to hit a record 1.68 million barrels a day in April, up more than six times from a year earlier, according to data intelligence firm Vortex Ltd.
It is noteworthy that when Russia’s war with Ukraine began, Western countries cut off their financial ties with Russia. This is why Russia cannot trade in dollars. Not only that, Russia could not even use the banks of Western countries. Russia is also facing various problems due to exchange rate volatility.