Billions of dollars of Russia's oil sale profits are stuck in India, as Russia looks to move away from the world's dominant reserve currency.
Billions in Russian oil sale profits are stuck in Indian banks, marking a blow to President Vladimir Putin's attempts to stop using the U.S. dollar for trade.
China has also sought to weaken the U.S. dollar's hold on world trade by calling on Gulf Arab leaders to allow oil and gas to be purchased in yuan. Some reports even allege that a bilateral deal denominated in yuan may be in the works. Concerns about the stability of the exchange rate are the primary obstacle behind the Indian government's reluctance to make the rupee fully convertible.
"This is a problem," Russia's Foreign Minister Sergei Lavrov told reporters in the Indian state of Goa in May."We need to use this money. But for this, these rupees must be transferred in another currency, and this is being discussed now." Indeed, Russia's only option to use the money at the moment appears to be spending or investing it in India. But there is a lopsided trade relationship between New Delhi and Moscow, with India selling precious little to Russia, leaving them unable to spend.
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