Discussion ongoing for converting Rupee accumulated by Russia into other currencies: Lavrov

Russian Foreign Minister Sergey Lavrov has stated that the issue of drone attack on Kremlin was touched upon during his meeting with his Indian counterpart S Jaishankar and that India does not support provocations or terrorist attacks.

“We did not discuss in detail the terrorist attack against the Kremlin with the Foreign Minister of India. We know India’s position, which favours stopping any provocations, or terrorist attacks. There is no doubt about this,” Lavrov told a select group of reporters on Friday night at the end of SCO Foreign Ministers meet in Goa.

On Thursday Lavrov was the first Foreign Minister that Jaishankar met ahead of the SCO meet on Friday.


ET was the first to report that Lavrov had briefed Jaishankar on the drone attack. Russia maintains that it reserves right to react following the drone attack. It has blamed USA for masterminding the drone attack but Washington has denied that charge.

Lavrov also indicated that the issue of trade in national currencies was also discussed during Thursday’s meeting. When asked about the challenges in Rupee-Ruble trade mechanism, Lavrov said, “As for the rupee, this is a problem. We have accumulated billions of rupees in accounts in Indian banks. We need to use this money, but to do this, these rupees must be transferred into another currency, and this is being discussed now.” ET was the first to report that the issue of national currencies figured at Lavrov-Jaishankar meet in Goa.

There are reports that Russia and India are discussing to transfer this rupee into Dirhams and Turkish Liras. India had suggested that Russia also makes investments in India including in PLI schemes using the Rupee accumulated in the banks. The Russian side is also considering this proposal and some initiatives to increase Russian investments in in India including infrastructure sector has been launched.

When asked about India’s G20 Presidency, Lavrov said, “We supported the Indian presidency. We supported the programme of the Indian presidency. Already about 100 events have taken place under Indian chairmanship. We will be able to present to you our final assessment after the summit, which is coming soon.”