‘Need to convert billions of rupees accumulated in Indian banks,’ says Lavrov on trade in currency talks suspension report

Goa [India], May 5 (ANI): Russian Foreign Minister Sergey Lavrov while responding to media reports that claimed the suspension of bilateral trade talks between India and Russia on currency, said that this is something which is ‘being discussed now’ given that ‘Russia has accumulated billions of Rupees in accounts of the Indian banks which need to be transferred to another currency.

“As for the rupees this is a problem because we accumulated billions of rupees in accounts in the Indian banks and we need to use this money”, said the Russian Foreign Minister during a media briefing here. “For this, the rupees need to be transferred in other currency and this is being discussed now”, he added.

Citing Indian Government officials in a report published by Reuters on Thursday, it claimed that India and Russia had suspended efforts to settle bilateral trade in rupees after months of negotiations failed to convince Moscow to keep rupees in its coffers.

“We don’t want to push rupee settlement any more, that mechanism is just not working. India has tried everything we could to try and make this work but it hasn’t helped,”, said Reuters quoting a source.

On Thursday in a response to ANI, a Russian official refuted such media reports and said that there was no change in the bilateral relations.

“No change in bilateral developments, Wishful thinking by Western news agencies.”, said the Russian official in response to ANI.

Even earlier, during the visit of Deputy Governor of Moscow Region Ekaterina Zinoveva, she said talked about the consideration of widening the use of “national currencies.”

She stated that the payments are available between Rupee and Ruble and Ruble Rupee on the territory of the Russian Federation. We are giving full financial support to partners in India. For example, our number one bank in Russia has a branch in India giving full cooperation to Indian investors.

Meanwhile, Russian Foreign Minister Sergey Lavrov arrived at Goa’s Dabolim airport on Thursday morning and held a discussion with External Affairs Minister S Jaishankar.

Both held talks on the sidelines of the Shanghai Cooperation Organisation (SCO) Foreign Ministers’ meeting in Goa and reviewed bilateral, global and multilateral cooperation between the two countries. The two leaders discussed issues pertaining to G20 and BRICS.

“Comprehensive review of our bilateral, global and multilateral cooperation with FM Sergey Lavrov of Russia. Appreciated Russia’s support for India’s SCO presidency. Also discussed issues pertaining to G20 and BRICS,” Jaishankar tweeted.

Russian Foreign Ministry said that the two sides agreed to continue following “the course of building a fair multipolar system of interstate relations”.

It said the ministers appreciated the dynamics of cooperation in key areas of the specially privileged strategic partnership between the two countries.

“The intention was confirmed to strengthen coordination activities to develop common approaches within the framework of interaction at the most important international platforms, including the SCO, BRICS, the UN and the G20,” the statement said.

It said that a confidential exchange of views took place on the main issues of bilateral relations, including the schedule of upcoming contacts and topical issues on the global and regional agenda.