‘Russia likely to invest trapped rupees in India’: Sergei Lavrov says. Top Points
G20 Summit meet on Sunday. “Our Indian friends said they would propose promising areas they can be invested in," Lavrov told reporters, citing talks with Indian counterpart Subrahmanyam Jaishankar in Jakarta, Indonesia, on the side lines of the East Asia summit prior to his arrival to India. “Right now our governments are talking how to use and invest them to mutual benefit.", Bloomberg quoted Russia's Foreign Minister.
With imports from India stagnating, Russia is ending up with an excess of rupees, which its companies have trouble repatriating because of local currency restrictions. Notably, Sergei Lavrov attended the 18th G20 Summit in place of Russia's President Vladimir Putin. Lavrov also said Russian arms contracts with India remain in force, despite difficulties with payments caused by sanctions imposed by the US and its allies over Russia’s invasion of Ukraine.
Notably, Russia has emerged as the top supplier of oil to India over the past year, thereby settling a greater share of trade in national currencies and redirecting shipments east as traditional customers in Europe shunned purchases after President Vladimir Putin invaded Ukraine. Russian Foreign Minister Sergei Lavrov claimed diplomatic victory on Sunday, declaring a G20 summit in India a "success" after the bloc shied away from direct criticism of Moscow's invasion of Ukraine. "We were able to prevent the West's attempts to 'Ukrainize' the summit agenda," Lavrov said as the two-day meeting of leaders closed.
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