India will offer Russia options for investments stuck in the accounts of rupees
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The Indian authorities will offer Russia areas in which billions of rupees stuck in the accounts of Russian companies can be invested. This was announced by Russian Foreign Minister Sergei Lavrov.
“In the current situation, many billions of rupees have accumulated, which have not yet been put to use. Our Indian friends assured that they will offer promising areas where they can be invested,” Mr. Lavrov said at a press conference following the G20 summit (quote from TASS).
According to Bloomberg, up to $1 billion rupees accumulate in the bank accounts of Russian companies in India every month. Transactions with national currency in India are limited, and therefore Russian companies cannot use these funds.
August 29, former Russian Finance Minister Mikhail Zadornov named limiting the withdrawal of rupees is one of the reasons for the weakening of the ruble. The Ministry of Energy responded statedthat oil companies return most of the foreign exchange earnings regardless of the currency of payment. The department assured that the delays are not systemic.
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