Russia says there's a problem with billions of rupees it has in India that need to be converted

Yahoo ^ | 6th May 2023 | Filip de Mott

[canuck_conservative]

We may be witnessing the end of the petrodollar

LOL, read the article again, America-hater

this basic problem - exchanging currencies - is a good example of why BRICS won't work, and why the US dollar will remain the reserve currency of choice for a long while

[MMusson]

Without a Global Reserve Currency - trade will devolve into Gold and Barter.

[PGR88]

buy gold

everyone takes that.

[Woodman]

Maybe they should just buy Gold in India with their Rupees? One thing I saw quite often in India was anyone with some extra Rupees on hand and a mobile phone, checking the price of grams of gold in real time and buying physical when they thought the price was right. Indians with money don’t seem to want Rupees until they need them.

[Kazan]

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[GreenLanternCorps]

How can they do that? India has strict currency controls. That money is stuck in Rupees. The Russians will have to spend it in India.

[dennisw]

It turns out you are right. Russia and India are in discussions about this. But as of now, Russia cannot easily convert Indian Rupees to dollars and Euros. Russia is stuck with Rupee stockpiles worth tens of billions of US Dollars.

Russia was so eager to market/unload their oil, that they struck ridiculous terms of payment with India

[Cronos]

Kazan - isn’t that the capital of Tatarstan, part of the Russian federation?

How’s the weather in Kazan, Russia?

[DoughtyOne]

This is going to be interesting to watch. I’m not convinced
I know what is going to take place, but I like our models
much better than other people’s models.