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Russian FM Sergei Lavrov said this money needs to be used and for this these rupees must be transferred in another currency, which is being discussed.

“This is a problem,” Lavrov told reporters in India’s western state of Goa on the sidelines of the Shanghai Cooperation Organization meeting. “We need to use this money. But for this, these rupees must be transferred in another currency, and this is being discussed now.”

Due to a widening trade deficit with the South Asian nation, Russian banks have accumulated billions of rupees that the government cannot spend.

By Verity Ratcliffe (Bloomberg) — An oil tanker seized by Iran last Thursday was carrying Kuwaiti crude and had a crew of 24 Indians, according to the operator. The US has...

An oil tanker seized by Iran on Thursday was carrying Kuwaiti crude and had a crew of 24 Indians, according to the operator. The US has demanded the

Iran’s state-run IRNA news agency reported that a Marshall Islands-flagged tanker collided with an Iranian vessel in the Persian Gulf, prompting Iran’s navy to seize the vessel in Gulf of Oman.

While India imports Russian oil on a delivered basis that takes into account logistics and other costs, banks are demanding details on so-called free-on-board prices to ensure they fall at, or below $60 a barrel.

Turkey is loading up on millions of barrels of diesel from Russia that European Union countries can no longer buy.

Private refiners in China, the largest crude importer, are snapping up more Iranian oil.

Russias diesel exports are on course to hit a record this month.