Russia's Oil Profits Trapped in Indian Banks Due to Sanctions, Dealing Blow to Putin's Anti-Dollar Efforts

Billions in Russian oil sale profits stuck in Indian banks, a blow to Putin's attempts to stop using the US dollar.
Russia isolated financially after Ukraine invasion, unable to make transactions in dollars, limiting trade.
Putin tried selling oil to China, India in yuan, rupee to undermine dollar, but efforts backfired in India.
Up to $1 billion per month in rupee assets accumulating in Indian banks, inaccessible to Russia due to RBI restrictions.
Total of up to $39 billion stuck, unable to be transferred out of India, frustrating Russia.

newsweek.com

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8/20/2023

The resilience of Russia's stock market and its economy is a complete mirage masking deeper pain, Yale researchers say

### Summary The Russian stock market's recent gains are a facade and the country's economy is in decline, according to Yale researchers. Russia's frozen foreign assets and the depreciation of the ruble have artificially inflated stock market profits. Additionally, the economy is suffering from a loss of confidence, with people and money fleeing to neighboring countries. ### Facts - 📉 The Russian stock market's recent gains are an illusion, masking the true state of the country's struggling economy. - 🧊 Russia has frozen inflows and outflows of foreign assets, preventing investors from cashing out and propping up the stock market. - 💸 The depreciation of the ruble has artificially inflated the value of Russian stocks, as the country's commodities are sold in foreign currencies. - 💼 Workers, academics, and oligarchs are leaving Russia, taking with them technical and intellectual capital essential to the country's economy. - 💔 Trust in President Vladimir Putin and confidence in the Russian economy have eroded, leading to a lack of domestic and foreign investment. - 🌍 Neighboring countries like Armenia, Georgia, and Kyrgyzstan have become destinations for Russian money and talent fleeing the country. - 📉 Experts warn that Russia's economy could continue to decline and the country may even become a failed state if the costly war in Ukraine persists.

9/4/2023

Russia is becoming increasingly dependent on Chinese banks as its yuan borrowings more than quadruple

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9/10/2023

India Proposes Investment Options for Russia's Rupee Surplus

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9/13/2023

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