Russia accumulates up to a billion dollars in rupees every month, which are simply sitting in Indian banks. This money is in addition to the $147 billion in Russian assets that have been stuck abroad since the beginning of the war.
Source. Bloomberg reports.
The rupee surplus arises from large volumes of Russian oil sales to India in the face of low imports from India to Russia. Russian companies have difficulty exchanging rupees due to currency restrictions.
Moscow expects the rupees to continue to accumulate in accounts as negotiations between the parties on a possible solution to the problem have reached a deadlock, Bloomberg notes. According to the agency's calculations, each quarter, between $2 and $3 billion in rupees will be deposited in the accounts, which Russia will not be able to use.
The parties are discussing various options for solving the problem, including the possibility of Russian companies entering the Indian capital market.
Another option involves investing the accumulated rupees in Indian infrastructure projects in exchange for equity stakes.
Background. After Russia's invasion of Ukraine, India's imports from Russia increased approximately fivefold. India has become one of the main buyers of cheaper Russian oil.
For more details, see the article "Russia intends to invest in Indian infrastructure facilities in rupees".