India to offer Russia to invest trapped rupees, says Sergei Lavrov

Russian Foreign Minister Sergei Lavrov speaks at a press conference, during the G20 summit, in New Delhi, Photo: Reuters

Russian International Minister Sergei Lavrov speaks at a press convention, in the course of the G20 summit, in New Delhi, Photograph: Reuters

India will provide Russia choices to take a position the billions in rupees it has gathered for exports, International Minister Sergei Lavrov stated Sunday in New Delhi.

“Our Indian pals stated they might suggest promising areas they are often invested in,” Lavrov advised reporters, citing talks with Indian counterpart Subrahmanyam Jaishankar in Jakarta, Indonesia, on the sidelines of the East Asia summit previous to his arrival to India. “Proper now our governments are speaking use and make investments them to mutual profit.”

He didn’t present additional particulars.

Lavrov additionally stated Russian arms contracts with India stay in power, regardless of difficulties with funds brought on by sanctions imposed by the US and its allies over Russia’s invasion of Ukraine.

Russia has emerged as a prime provider of oil to India over the previous yr, settling a better share of commerce in nationwide currencies and redirecting shipments east as conventional clients in Europe shunned purchases after President Vladimir Putin invaded Ukraine. However with imports from India stagnating, Russia is ending up with an extra of rupees, which its firms have hassle repatriating due to native forex restrictions.

First Revealed: Sep 10 2023 | 5:30 PM IST