quietviper0 said:Just one standard mid-sized tanker worth $50 million would account for "billions of Rupees."
The article itself provides enough context to see the picture: apparently, they did engage in some level of trade at some point because they clearly hold these Rupees, but now they aren't quite sure what they want to do with them... they were discussing whether there was any hope of turning this kind of trading into a permanent practice, and ultimately, they decided against it.
And if they decided against it, you mention it at least four times in the article—I didn't even include one of those instances in my previous quote. Here it is, just so it doesn't get missed: A day earlier, Reuters reported that India and Russia have halted efforts to arrange bilateral trade in Rupees.
I truly don't understand how you can read that it's been rejected as a viable model at least four different times, and yet continue to tell people things like "By the end of the year, if they continue with this exchange model, it is estimated Russia will accumulate a surplus of Rupees equivalent to $40 billion" or that "the Russians are essentially giving oil to Indians for free"... I really am at a loss here...
It is entirely possible that under some sort of political pressure, someone drafted a contract based on a "give what you can" principle, which seems plausible given that this appears to be a longer-term arrangement rather than just a few tankers at lower prices. Now, someone has realized they are sitting on a mountain of Rupees with absolutely no way to utilize them, while the Indians continue to export refined oil for Dollars. This is a clever maneuver and a clear win for the Indians. Perhaps the Russians can now spend those Rupees on Hollywood movies, copper, or even elephants.😁