Indian Ambassador to Russia denies purchasing Russian oil for rupees – Kommersant
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India pays for Russian oil only in hard currency, said Indian Ambassador to Russia Pawan Kapoor. He emphasized that there have been no settlements in rupees over the past 18 months.
“We have never bought Russian oil for rupees in the last 18 months, only in hard currencies. I would like to clarify this,” Mr. Kapoor said in an interview with “RIA News” on the sidelines of the Eastern Economic Forum.
At the end of August, ex-Minister of Finance and former head of Otkritie Bank Mikhail Zadornov statedthat Russian companies in India, which have refused to pay in dollars, pay for exports in rupees, which cannot be withdrawn due to strict exchange controls. Rupees stuck in accounts, according to Mikhail Zadornov, may be the reason for the weakening of the ruble. To the Ministry of Energy denied the impact of frozen rupees on the fall of the ruble.
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.
Read more in the Kommersant article. “Rupees are included in investments”.
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