Business & Finance
04 May 2023, 4:21 pm 1 minute
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.
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.
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & Finance
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story