/ world at the moment information/ India has promised to supply Russia potential areas the place billions of rupees remaining within the accounts of firms from Russia will be invested, International Minister Sergey Lavrov mentioned at a press convention after the G-20 assembly.
“Within the present state of affairs, many billions of rupees have been collected and are but for use. Our Indian pals have assured to counsel promising areas the place investments will be made,” he mentioned.
In response to Bloomberg, $1 billion in rupees is accumulating month-to-month within the financial institution accounts of Russian firms in India, which can’t be used on account of present foreign money restrictions. In response to quite a lot of specialists, the restriction of the withdrawal of those funds is among the causes for the weakening of the ruble.
In early Might, Lavrov additionally mentioned that Russia had collected “billions of rupees in Indian financial institution accounts” and the problem of changing them to a different foreign money was being mentioned. The director of the Division of Financial Cooperation of the Russian Ministry of International Affairs, Dmitry Birichevsky, identified among the many potential options the acquisition of products value rupees or investing them within the Indian economic system.
Economist, former head of the Ministry of Finance, BTB and Otkritie banks Mikhail Zadornov referred to as the restriction of their withdrawal one of many “non-obvious” causes for the weakening of the ruble. The Division of Power disagreed with this conclusion, arguing that oil firms repatriate a lot of the overseas alternate earnings and delays in doing so will not be systemic.
The central financial institution assessed Russian exporters’ rupee account balances as insignificant relative to export volumes. In response to the deputy chairman of the Central Financial institution, Alexei Zabotkin, the ruble alternate fee is affected by the elevated quantity of imports. The pinnacle of the Financial institution of Russia, Elvira Nabiulina, famous in June that there was an issue with funds within the nationwide currencies of different international locations, specifically in rupiah, however its scale was not rising.
Translation: V. Sergeev
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