Russia says there's a problem with billions of rupees it has in India that need to be converted
Russia prefers to be paid in Chinese yuan, which has become thein Russia. Meanwhile, Moscow has reportedly been hesitant about using the rupee due to exchange-rate volatility.
After Russia invaded Ukraine and was essentially ousted from the global financial system, Russia initially encouraged the use of national currencies instead of the US dollar, which is the primary currency for commodities and trade. Some Indian importers of Russian oil have tried using the UAE's dirhams and rubles to facilitate transactions.between the two countries.
India won't pay Russia in US dollars over concerns that it may face secondary sanctions and won't pay in rubles because of worries about obtaining Russia's currency on global markets at a fair rate,Meanwhile, Russia won't take Indian rupees because of exchange-rate volatility, the report added. Moscow has also rejected an idea from New Delhi for the Kremlin to invest rupees from arms payments back into Indian capital markets so the currency doesn't pile up.
Currency concerns with Russia's currency have also plagued its other trade relations. Recently, it agreed to use the yuan to for payments on a
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