India, Russia suspend negotiations to settle trade in rupees

by DailyBriefers
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Business & Finance

Reuters exclusively reported that India and Russia have suspended efforts to settle bilateral trade in rupees, after months of negotiations failed to convince Moscow to keep rupees in its coffers. This would be a major setback for Indian importers of cheap oil and coal from Russia who were awaiting a permanent rupee payment mechanism to help lower currency conversion costs.

Market Impact

Since Russia’s invasion of Ukraine on Feb. 24 last year, India’s imports from Russia have risen to $51.3 billion until April 5, from $10.6 bln in the same period in the previous year. Discounted oil has constituted a large part of India’s imports, surging twelve-fold in the period. Exports from India in the same period fell slightly to $3.43 bln from $3.61 bln in the previous year. 

Article Tags

Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: Business & Finance

Regions: AsiaEurope

Countries: IndiaRussia

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Major Global Story

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