07 Oct 2023
3 minutes read
More money. More problems.
When India and Russia announced their rupee-ruble deal to trade oil, bypassing the US dollar, it generated quite a buzz. But for Russia, this deal has not turned out to be as beneficial as they had hoped. Russia is now saddled with a growing pile of rupees it can’t easily spend abroad. Supporters argue there are ways Russia can invest the rupees in India or use them for bilateral trade. But in my view, the challenges outweigh the opportunities.
