India

India And Russia Discuss Ties, Trade In National Currencies

Russian Foreign Minister Sergey Lavrov stated in Goa on Friday that Russia has accumulated “billions” of Indian rupees through trade, but this is proving to be a problem.

Lavrov was asked to respond to reports in the media that India and Russia had suspended talks to settle bilateral trade in rupees while he was speaking to reporters on the sidelines of the “Council of Foreign Ministers” meeting of the Shanghai Cooperation Organization (SCO).

This is a problem because we need to use billions of rupees that we have accumulated in Indian bank accounts. However, for this, the rupees should be moved to another money. This is being examined now,” said the unfamiliar clergyman.

Indian importers, who have been importing a significant quantity of inexpensive Russian oil ever since the outbreak of the conflict in Ukraine, are feeling the impact of the suspension of the rupee-to-rouble trade system between India and Russia.

Reports demonstrate that shippers were expecting an extremely durable rupee-rouble installment system to assist with bringing down cash change costs.

Also read: Pakistan’s Credibility Is Depleting Faster Than Its Forex Reserve: EAM Jaishankar Slams Pak FM Bhutto

To avoid being subject to Western sanctions for Russia’s invasion of Ukraine, a rupee-to-rouble trading mechanism was established.

India is unable to pay for Russian oil in US dollars, the standard international payment method, as a result of the US sanctions imposed on Russia.

Bharat Express English

Recent Posts

Gautam Adani, Family Participate In Puri Rath Yatra; Launch Massive ‘Prasad Seva’ Initiative

Gautam Adani, Chairman of the Adani Group, along with his wife Priti Adani and son…

5 mins ago

PM Modi, Leaders Pay Tribute To Former PM PV Narasimha Rao On Birth Anniversary

PM Narendra Modi on Saturday paid tribute to former Prime Minister PV Narasimha Rao on…

24 mins ago

Gautam Adani Hails Divine Experience At Rath Yatra; Praises Odisha’s Graceful Management

Gautam Adani conveyed profound spiritual emotions after witnessing the revered Rath Yatra of Lord Jagannath…

30 mins ago

Punjab’s Litchis Reach Middle East Markets In Boost To India’s Fruit Exports

In a step towards diversifying India’s horticultural exports, Punjab has successfully shipped its first consignment…

1 hour ago

Dalal Street Sees Strong Activity Of IPOs In June As Market Sentiment Improves

India’s primary market experienced a surge in activity in June 2025 as investor sentiment toward…

2 hours ago

ITC’s Non-Cigarette FMCG Business Sees ₹34,000 Crore Consumer Spend In FY25

Consumers spent over ₹34,000 crore on ITC’s non-cigarette fast-moving consumer goods (FMCG) products in the…

2 hours ago