New Delhi- In a significant development following the 18th G20 Summit, Russia’s Foreign Minister Sergei Lavrov disclosed that India is poised to propose various avenues for investing the substantial amount of rupees it has accrued from exports. Speaking at a press conference held in New Delhi, Lavrov highlighted the collaborative efforts between the two nations to leverage these funds for mutual benefit.
Lavrov stated, “Our Indian friends have expressed their intent to present promising investment options, and our governments are currently in discussions to determine the most fruitful investments.” This move comes as a result of Russia accumulating an excess of rupees due to stagnating imports and complications related to repatriation because of local currency restrictions.
Amid concerns about the continuity of Russian arms contracts with India due to sanctions imposed by the United States and its allies following Russia’s invasion of Ukraine, Lavrov reassured that these contracts remain in force. He emphasized the enduring strategic partnership between the two nations, particularly in the defense sector.
Russia’s prominence as a top oil supplier to India over the past year has led to a shift in trade dynamics, with a growing share conducted in national currencies. This realignment occurred as traditional European customers reduced their purchases in response to Russia’s actions in Ukraine.
Lavrov also commented on the G20 summit, characterizing it as a success for Russia. He underscored that the summit’s declaration did not mention Russia and claimed a diplomatic victory by averting direct criticism of Moscow’s Ukraine invasion.
Furthermore, Lavrov criticized Western nations, alleging that they had failed to fulfill promises related to climate change mitigation and global economic balance. He commended India’s G20 presidency for uniting member countries from the Global South, emphasizing the active roles played by allies like Brazil, South Africa, China, and India.
In summary, Russia’s intent to invest accumulated rupees in India signals a strengthening of economic ties between the two nations. Despite geopolitical challenges, both countries are committed to nurturing their strategic partnership, with India playing a pivotal role in consolidating the Global South within the G20.
