Here's yet another example of how Russia is getting absolutely screwed in it's international trade, because it's negotiating position is so incredibly weak.
https://www.businessinsider.com/dedo...e-ruble-2023-6
Quote:
Even since Russia was cut off from the US dollar-dominated global payments systems following sweeping sanctions off the Ukraine war, the two countries have used the Indian rupee for trade.
However, Russia's now having issues with trading in the rupee because there's more Indian demand for Russian goods than the other way around — meaning Russia has been saddled up to $1 billion worth of rupees each month that's stuck in Indian banks, according to Bloomberg calculations on Thursday.
And it's not like Russia can send the rupees back home either because India has restrictions over capital flows by foreign investors — the country is looking at $2 to $3 billion worth of rupees stuck in India every quarter.
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So Russia is "getting paid" with rupees that it can only spend in India, that are kept in Indian banks, and which are piling up because Russia can't find enough things to buy from India with that money, because the sanctions block so much trade.
But yeah, if you look at a lot of news outlets, they seem to think that somehow the growth of the Russo-Indian trade is proof that the sanctions don't work, even though when actually looking at the details of the Russo-Indian trade, it's mostly just a lot of evidence of how weak Russia is currently. But people who actually understand business or finance usually get hired in business or finance, not media, and it really shows.