Russia Foreign Minister Sergey Lavrov was in India last week to attend the Shanghai Cooperation Organisation (SCO) meeting as he discussed issues of mutual interest with his Indian counterpart Subrahmanyam Jaishankar and reviewed bilateral, global and multilateral cooperation.
On the sidelines of SCO’s Council of Foreign Ministers meeting, Lavrov told reporters that Russia has accumulated billions of rupees in Indian banks which it can’t use.
Bloomberg in its report mentioned that Lavrov was apparently pointing out the expansion of the trade surplus with India.
Lavrov said, “This is a problem. We need to use this money. But for this, these rupees must be transferred in another currency, and this is being discussed now.”
Lavrov basically inquired about the media reports which claimed that New Delhi and Moscow have suspended talks to settle bilateral trade in Rupees.
The Ministry of Commerce and Industry data showed an increase in the imports of nearly fivefold to $41.56 billion. Meanwhile, the total exports to Russia diminished by 11.6 per cent to $2.8 billion in the first 11 months of the 2022-23 financial year, Bloomberg reported citing the data.
The report mentioned that the spike came as refiners scooped up discounted Russian oil in the past year after Russia’s invasion of Ukraine amid Western sanctions.
A data intelligence firm Vortexa Ltd stated that imports of Russian crude by India reached a record 1.68 million barrels a day in April, up sixfold from a year earlier.
Meanwhile, Russia refuted media reports claiming that New Delhi and Moscow have suspended talks to settle bilateral trade in rupees. A Russian official, on Thursday, told news agency ANI, “No change in bilateral developments, Wishful thinking by Western news agencies.”
Even earlier, during the visit of Deputy Governor of Moscow Region Ekaterina Zinoveva, she talked about the consideration of widening the use of “national currencies”.
She stated that the payments are available between Rupee and Ruble and Ruble Rupee on the territory of the Russian Federation. She said, “We are giving full financial support to partners in India. For example, our number one bank in Russia has a branch in India that is giving full cooperation to Indian investors.”
Jaishankar and Lavrov’s talks
Jaishankar and Lavrov also discussed issues related to G20 and BRICS. Jaishankar said in a tweet: “Comprehensive review of our bilateral, global and multilateral cooperation with FM Sergey Lavrov of Russia. Appreciated Russia`s support for India’s SCO presidency. Also discussed issues pertaining to G20 and BRICS.”
In a statement, the Russian Foreign Ministry said in the statement that the two sides agreed to continue following “the course of building a fair multipolar system of interstate relations”.
The statement further added that the ministers appreciated the dynamics of cooperation in key areas of the specially privileged strategic partnership between the two countries.
“The intention was confirmed to strengthen coordination activities to develop common approaches within the framework of interaction at the most important international platforms, including the SCO, BRICS, the UN and the G20,” the statement said.
(With inputs from agencies)
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