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During the Ukraine war, the US imposed sanctions on Russia, preventing it from trading in USD ($). Russia began seeking countries that would be willing to trade in currencies other than USD ($), in order to sell its natural resources such as crude oil, coal, weapons, and other goods.

India was a large market for Russia at the time, so they agreed to conduct their trade in Indian currency (₹). India also had the significant opportunity to purchase crude oil, coal, and weapons in Indian currency (₹). During the war, India imported a large quantity of these resources from Russia, resulting in Russia depositing a substantial amount of Indian currency in their banks, equivalent to 40 billion USD ($).


However, Russian Foreign Minister Sergey Viktorovich Lavrov stated that the Indian currency is a major concern for Russia due to its high conversion rate and the fall in its value. Due to the low value and high conversion rate of the Indian currency, Russia is hesitant to accept payments in Indian rupees. If the deal is derailed and they are unable to trade in Indian currency with Russia, it could be a significant blow for India.


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