Every month, $1 billion of Russian money is stuck in India.

On June 2, Bloomberg news agency reported that significant amounts of money from Russian businesses are stuck in India - up to $1 billion per month.

Billions of dollars of Russian money are stuck in India. A bank employee in Jammu, India, holds bundles of 2,000 Rupee notes. (Source: Reuters)

India's currency restrictions have left this money stranded and virtually unusable.

Several sources familiar with the matter said that negotiations between the two countries on the issue have reached a deadlock, a situation that shows the difficulties that Russian businesses are facing due to the current geopolitical situation.

In May 2023, Russian Foreign Minister Sergei Lavrov mentioned the growing trade deficit with India - Russia's leading oil and gas importer.

The amount of Russian Rupees accumulated in Indian banks increased due to the soaring trade surplus with New Delhi.

India’s exports to Russia fell 11.6% to $2.8 billion in the 11 months of fiscal 2022-23, while imports rose nearly fivefold to $41.5 billion, according to data from the Ministry of Commerce and Industry.

Source: https://baoquocte.vn/bao-my-moi-thang-co-1-ty-usd-tien-cua-nga-ket-cung-tai-an-do-229464.html