Russia and India

Paul Fiolkowski
2 min readSep 10, 2023

All that money from India, used to buy Russian oil … what can go wrong?

Billions of rupees that belong to Russia are stuck in accounts in India. Over 30 billions in US dollars.

India was buying a lot of Russian oil and paid in rupee, their national currency. Russia doesn’t buy that much in India, and the amount of Russia’s money in Indian banks keeps growing.

It cannot be exchanged for another currency within India or exported abroad — without the permission of the Indian Central Bank. And the Indian Central Bank refuses to allow it.

Some say that’s the reason why ruble is falling.

The ruble is already cheaper than rupee.

There was a big scandal in the Kremlin because of the stash of rupees that Russia can’t use. The presidential administration was trying to figure out who was the genius who came up with the idea of trading with India in its national currency, which is inconvertible.

Lavrov was sent to G20 with the task to sort it out.

After begging and pleading, Lavrov reported: India promised to offer “promising projects for investing rupees”.

In other words:

  • India received Russian oil.
  • Paid for the oil in rupees.
  • Rupees remained in Indian banks.
  • And now they will return to the Indian economy.

It’s a master class on the topic “How to extract multi-billion dollar profits from Russia’s superiority complex”.

I think, with the rupees stuck in Indian banks, Russia should buy Bollywood. The patriotic films to be created there will be bright and exhilarating.

The heroes of the Northern Military District, to the songs of Shaman, will brilliantly defeat NATO and conquer the solar system!

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Paul Fiolkowski

I am just another American expat, who found that yes indeed, the grass can be greener elsewhere.