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There is a strong concern that this will adversely affect the importers of cheap coal and crude oil from Russia. It was hoped that a permanent system of payment through Rs. It was also estimated that this would reduce the costs of exchanging currency.
Russia is not in a position to fully convert the rupee at present. The main reason is that imports to India are high and exports from here are low. India’s share in global exports is only about 2%. Because of this, there is no need for other countries to hold Rs.
After Russia’s invasion of Ukraine, discussions about the two countries trading in Rupees and Rubles became intense. Currently, India is paying the price of Russian crude oil in USD and UAE Dirham.
Since the start of the war, fuel imports from Russia to India have increased dramatically. Imports were $10.6 billion at the start of the war on February 24, 2022, but by April 2023, they were $51.3 billion. This is almost a 12-fold increase. At the same time, India’s exports have declined from $3.61 billion to $3.43 billion.
Meanwhile, China is importing fuel from Russia on a huge scale. Russia is also interested in getting the yuan to pay China here.
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