Russian companies will be able to invest rupees trapped in Indian bank accounts due to sanctions. Foreign Minister Sergei Lavrov spoke about this at a press conference after the G20 summit.
“Our Indian friends assured that they will offer promising areas where [активы] it can be invested,” TASS quotes the minister.
Lavrov noted that the relevant departments and governments of the two countries now agree on the possibility of mutually beneficial investment of “frozen” rupees. According to the politician, the Asian country has “many billions of rupees that have not yet found their application.”
As Bloomberg wrote in the summer, up to $1 billion in rupees accumulate each month in the accounts of Russian exporters in India, an amount that is almost impossible to spend due to current currency restrictions.
At the end of August, the former head of the Ministry of Finance, Mikhail Zadornov, called the problem of the rupee blockage one of the non-obvious reasons for the weakening of the ruble.
Photo: Unsplash
Author:
Akhmed Sadulayev
Source: RB
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