There has been a huge imbalance of exports and imports in the trade turnover between Russia and India: Moscow sends much more products to New Delhi than it receives from the Asian country. As a result, due to the exchange rate restrictions in the Indian domestic market, 1 billion rupees per month has been accumulated from the oil exports of the Russian Federation and cannot be recovered, informs Bloomberg agency.
Over the past year, Russia has become India’s largest supplier of oil. During this period, the import of goods from the Asian country to the Russian Federation began to stagnate, which led to an increase in the imbalance in the trade relations between Moscow and New Delhi. The article states that if the trend continues, an imbalance in each subsequent quarter will generate an amount equal to $2-3 billion that Russia cannot use.
“Unilateral trade relations with India are forcing Russia to accumulate up to $1 billion per month in rupee assets stranded abroad. <….> Each quarter, the imbalance is likely to generate the equivalent of $2-3 billion that Russia cannot use. This amount will increase the estimated capital stock accumulated abroad in 2022 to 147 billion dollars.
May 31 Business Standard newspaper refers to the annual report of the Reserve Bank of India knowledgeableHe said that oil supplies from Russia to the Asian country increased 14 times in the 2022-2023 fiscal year. During this time, Russian crude oil imports rose to $31.02 billion (last year – $2.2 billion).