Russia’s rupee trap adding to $147 billion hoard abroad

News Snapshot:

A lopsided trade relationship with India is forcing Russia to accumulate up to $1 billion each month in rupee assets that remain stranded outside the country, swelling the stockpile of capital it’s amassed abroad since the invasion of Ukraine. Russia has emerged as a top supplier of oil to India over the past year, settling a greater share of trade in national currencies and redirecting shipments east as traditional customers in Europe shunned purchases after the war began over a year ago. But with imports from India stagnating, Russia is ending up with an excess of rupees, which its companies...