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Date: 10/05/2024

Russia goes for rupee investment, not repatriation

Russia is no longer struggling to repatriate the rupee balance which is continuously accumulating in its special Vostro accounts in Indian banks due to increased exports to India. Russian entities now have a bouquet of investment options, not just government securities and bonds but equity and loans, to channelise their accumulating rupee balance. The rising unused rupee balance for Russian entities in these accounts was a big concern for Russia, and it was trying to repatriate some of it through various means including converting it to dirhams or yuan. But now the rupee balance is being gainfully invested in the country itself. India is also trying to identify projects for Russian entities to invest in, such as the Vande Bharat sleeper trains project, as per a report.
 
Source: Exim News Service: Moscow, May 9



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