Russia intends to transfer the accumulated billions of rupees into other currencies, which it cannot use, Russian Foreign Minister Sergei Lavrov told reporters on May 5 following the results of the ministerial meeting of the SCO.
“This is a problem. We need to use this money. But for now, these rupees need to be converted to another currency. The issue is under discussion.”said the minister.
Remember that Reuters previously reported that the rupee trade between Russia and India had stopped. Agency sources said that the Indian side was unable to make this mechanism work in the desired way.
At the same time, most payments between the two countries continue to be made in dollars, dirhams, and various other currencies.
Also remember that the Indian Ministry of Commerce reported that Russia became the fourth largest supplier of goods to India in the fiscal year 2022/2023.
Source: Rossa Primavera
I am Michael Melvin, an experienced news writer with a passion for uncovering stories and bringing them to the public. I have been working in the news industry for over five years now, and my work has been published on multiple websites. As an author at 24 News Reporters, I cover world section of current events stories that are both informative and captivating to read.