Foreign Minister Sergei Lavrov has stated that Russia has amassed large amounts of rupees in Indian banks as a result of a growing trade surplus between the two countries. However, Lavrov has expressed concern over the inability to use this money and explained that the issue is being discussed, as the rupees need to be converted to another currency before they can be utilized.
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This problem was highlighted during Lavrov’s discussion with reporters at the Shanghai Cooperation Organization meeting in India’s western state of Goa.
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However, the Russian exporters face challenges in repatriating the rupees due to currency restrictions, as highlighted by the Governor of the Bank of Russia, Elvira Nabiullina, on April 28.
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