Recently, the risks of a “giant” imbalance in Russia-India trade have increased significantly. This is largely due to the inability of companies exporting commodities from the Russian Federation to withdraw revenues from the sale of oil from the Indian market. opens words of the professor, doctor of economics Igor Lipsit edition “Novye Izvestiya”.
The possibility of directly using the local national currency – the rupee – for the import of Indian goods into Russia seems highly unlikely. He explained that there are not many products in the Indian market that could be of interest to Russian companies.
“There is already a huge trade imbalance in Russian-Indian trade. “India is reckoning with exporters in its national currency and it is impossible to withdraw rupees from the country,” Lipsitz said.
As a result, Russian-Indian trade in recent years has turned out to be largely unilateral. Commodity companies from the Russian Federation actually sell oil to India “just like that”.
“It is impossible to buy something for import to Russia in “oil rupees”, because there are no goods in India that can be sold in Russia in large volumes and, moreover, at a profit. As a result, trade with India turned out to be one-sided. It turned out that oil companies in general gave oil to India “for nothing”, Lipsitz said.
The March 11 issue of “Novye Izvestia”, referring to industry analysts reportedRussian commodity export companies are facing difficulties in attracting funds from the sale of energy resources from India. This was due to the peculiarities of the local financial regulation that made it almost impossible to withdraw rupees from the country.