Huge sums in Indian rupees have accumulated in the accounts of Russian companies in India as payment for oil. This amounts to the equivalent of hundreds of billions of US dollars. Despite appeals from the Russians, India is not rushing to provide opportunities for using this money. This was reported by the Foreign Intelligence Service, writes UNN.
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With the start of the full-scale invasion of Ukraine and the introduction of international anti-Russian sanctions, oil settlements between Russia and India are carried out in rupees. For this, Russian exporters have special Vostro accounts in Indian financial institutions. At the same time, the mechanism for withdrawing money from India is practically absent.
The rupee is a limited convertible currency, so there are strict rules regarding its use, especially for non-residents. These funds can only be used to pay for imports of Indian goods, local taxes, or to invest in Indian projects. But for the purchase of shares or bonds, the Reserve Bank of India must give permission, and there, such a possibility is still only "being considered."
Events of recent weeks around the Persian Gulf and the temporary easing of American sanctions against Russian oil have intensified the purchase of raw materials from Russia by Indian oil refining enterprises. That is, the volume of unused rupees will only grow. For example, from April to December 2025, trade between Russia and India amounted to 63.6 billion US dollars, of which approximately 59 billion was oil exports. The advantages for the Indian economy are clear: oil is bought at significant discounts, and money remains in the national economy, as it lies in Indian banks.