“Big Boost to Atmanirbharta: Russian defence firms use vostro funds to buy completely indigenous weapons from Bharat”, Organiser, May 16, 2024:
“Exporters in Russia, who started trading with India using Indian rupees have recently spent USD 4 billion to buy India made defence equipment and armaments among other imports and Indian securities. This amount comes from funds which were lying idle in their Vostro accounts.
Till October, Russian exports held about USD 8 million in Vostro Accounts. These accounts were set up to facilitate trade between India and Russia using Indian rupees and are managed by a domestic bank on behalf of a foreign bank.
As per a report from a media agency, due to lack of investment opportunities in India, the money lying in Vostro accounts of Russian remained unspent. In a mere six months, they used only about 50 percent of these funds, the report quoted two people aware of the matter, who declined to be identified…..”
Read the full article at Organiser.org