Thread by @ChrisO_wiki

1/ India is ripping off Russia to the tune of hundreds of billions of dollars over oil shipments, according to an angry Russian commentary. India will not pay for Russian oil in anything other than Indian rupees and Indian-made goods, which Russian companies don't want. ⬇️

2/ 'Political Report' writes:

"For several years, Russian officials proudly declared that Europe, by rejecting Russian oil, was only harming itself, while Russia continued to quietly sell its oil to other buyers and enrich itself."

3/ "It was claimed that India was happily buying up barrels at favourable prices. Public figures were aired about the colossal profits the country was supposedly receiving from redirecting supplies to the Asian market. The reality turned out to be far from these rosy reports.

4/ "It turned out that Russia not only failed to receive the promised superprofits but also suffered enormous financial losses.

5/ "According to estimates by independent analysts, the losses from the 'Indian partnership' have long been in the hundreds of billions of dollars, not just tens of billions.

Accurate official data is still lacking, but the scale of the problem can no longer be hidden.

6/ "The main stumbling block is the still unresolved issue of settlements in Indian rupees. Billions of rupees earned from the sale of cheap oil have been frozen in Asian bank accounts for five years now.

7/ "India's strict currency controls prevent these funds from being freely transferred to other jurisdictions or converted into dollars, euros, or other freely convertible currencies.

8/ "They can only be used to buy Indian goods, but Russian companies, in most cases, simply don't need them.

The Indian regulator periodically promises to find a "workable mechanism," but there's still no real solution. Russia has been fed empty promises for five years now.

9/ "While endless approvals and negotiations drag on, the rupee continues to weaken against the dollar. Pending amounts are rapidly losing value, turning virtual profits into real losses.

10/ "The oil was shipped long ago, taxes on it have been paid, and the money earned is simply vanishing from the currency charts.

11/ "The situation looks particularly grim when viewed against the backdrop of initial expectations. The shift to settlements in national currencies was touted as a breakthrough in de-dollarization and a way to circumvent Western sanctions.

12/ "In practice, it turned out to be a trap: the resources were gone, but the money remained inaccessible. Exporters effectively gave India oil in exchange for worthless paper money that cannot be withdrawn or properly spent.

13/ "This case has served as a vivid lesson: changing the settlement currency without ensuring the free movement of capital turns trade into a form of hidden subsidisation of the buyer.

14/ "Russia not only lost revenue but also set a precedent where a partner can hold funds in their own currency for years while it depreciates, and the seller can do nothing about it.

15/ "Essentially, India, like Europe, froze Russian assets, only in this case, Russia prefers to remain silent and accept the Indian bullshit." /end

Source:
t.me/polit_doklad/2…