“Russia tackles accumulation of rupees through investments in India”, Hindustan Times, May 5, 2024:

“Russia has tackled the issue of billions of rupees accumulated in Indian banks through investments in Indian stocks and infrastructure schemes and taken steps to ensure the flow of crude despite Western sanctions on State-owned shipping company Sovcomflot, people familiar with the matter said.

The billions of rupees had been amassed in special rupee vostro accounts (SRVAs) in India after New Delhi stepped up the purchase of discounted Russian crude since 2022 even as Moscow was shut out of Swift, the global payment system used by thousands of financial institutions, following the invasion of Ukraine.

Russia has used the rupees in SRVAs to make investments in stocks, government securities, infrastructure schemes and other areas, the people cited above said on condition of anonymity. They declined to go into details in view of the sensitivities involved……”

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