this post was submitted on 11 Sep 2023
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179
Russia says there's a problem with billions of rupees it has in India that need to be converted (markets.businessinsider.com)
submitted 2 years ago by zabadoh@lemmy.ml to c/ukraine@sopuli.xyz
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Key quotes:

Russia has accumulated billions of rupees that are sitting in Indian banks.

Reuters reported that Russia and India have suspended negotiations over using rupees for trade between the two countries.

Russia prefers to be paid in Chinese yuan, which has become the most-used foreign currency in Russia.

Russia and India remain deadlocked in a currency dispute that has also frozen weapons sales 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,

Recently, (Russia) agreed to use the (Chinese) yuan to for payments on a nuclear-power plant deal with Bangladesh, after previously insisting on using its ruble.

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[–] Longpork_afficianado@lemmy.nz 1 points 2 years ago

It does mean however that your sanctions go a lot further, by wielding the threat of freezing foreign dollars.