Russian foreign minister Sergei Lavrov during his recent visit to India to attend SCO foreign minister's meeting in Goa made a remark saying that Moscow has billion of rupees in Indian banks but they can't use them.
"This is a problem," said Russian Foreign Minister Sergei Lavrov while speaking to reporters in Goa on the sidelines of the SCO foreign ministers' meeting.
"We need to use this money. But for this, these rupees must be transferred in another currency, and this is being discussed now," he said.
According to Ministry of Commerce and Industry data, India's total exports to Russia reduced to 11.6% to $2.8 billion in the first 11 months of the 2022-23 financial year, while imports rose nearly fivefold to $41.56 billion.
India almost imported 1.68 million barrels a day of crude oil from Russia in April, at least six times compared to last year's imports, after Moscow offered it at a cheap price due to the Russia-Ukraine war.
The crude oil trade transactions took place in national currencies after the West put sanctions on Russian banks and SWIFT systems amid the Ukraine war.
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