Article

2023-09-11 Caucasus/Russia/Central Asia

Lavrov named a condition for Russia's return to the grain deal

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Posted by badanov 2023-09-11 00:00|| || Front Page|| [5 views ] Top

#1 #Russian Foreign Minister #Lavrov: "In the current situation, many billions of rupees have been accumulated, which have not yet found their use. Our Indian friends assured that they will offer promising areas where they can be invested."

Since the beginning of the war, the Russians have announced a policy of "dedollarization" and settlements in national currencies. Petroleum products were sold to India for rupees, which are almost impossible to convert into dollars due to sanctions. The Russians also cannot find a use for the stuck rupees.
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The Russians sold the Indians discounted (up to $30/bbl) oil for what is in effect unspendable IOUs. Meanwhile, the Indians refined that oil and sold it for hard currency on the international market.

Dedollarization in a nutshell. Russia's next super genius plan: invest in North Korea.

Posted by Enver Slager8035 2023-09-11 00:24|| 2023-09-11 00:24|| Front Page Top

#2 When the UN says the Russians got screwed on the grain deal, it really must have been bad.

Posted by DooDahMan 2023-09-11 05:11|| 2023-09-11 05:11|| Front Page Top

#3 As a result of these restrictions, as much as $39 billion could be stuck in Indian bank accounts, according to Reuters.

"This is a problem," Russia's Foreign Minister Sergei Lavrov told reporters in the Indian state of Goa in May. "We need to use this money. But for this, these rupees must be transferred in another currency, and this is being discussed now."

In September, Lavrov appeared to admit that Moscow has all but given up on rescuing its rupee-denominated stash worth billions from India.

Aside from oil, Russia is one of India's top suppliers of weapons and military hardware. Between April 2022 and February 2023, India's imports from Russia reached $41.56 billion, including a more than 900% increase of crude oil imports year-on-year, according to Factly data. Meanwhile its exports to Russia amounted to just $3 billion.

Posted by Enver Slager8035 2023-09-11 15:23|| 2023-09-11 15:23|| Front Page Top

#4 Russian Gazprom to increase gas discount for China to 50% despite losses - Reuters

The Russians will make up for their losses with volume.

Posted by Enver Slager8035 2023-09-11 15:43|| 2023-09-11 15:43|| Front Page Top

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