Russia says it has billions of Indian rupees that it can’t use

Russia has accumulated billions of rupees in Indian banks which it can't use due to the need to transfer them into another currency, according to foreign minister Sergei Lavrov. Indian imports from Russia rose near fivefold in the first 11 months of the 2022-23 financial year, while exports to Russia shrank 11.6% to reach $2.8bn.

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