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Indian authorities have backed Russia’s proposal, which will allow investment in Indian corporate debt securities, The Print reports, citing senior officials.
These investments will be paid “through an account at the Reserve Bank of India that existed even before the collapse of the Soviet Union three decades ago”, reports RIA Novosti.
According to some reports, the Reserve Bank of India has accumulated a balance of 20 billion rupees ($261.9 million) from overdue payments for defense purchases made in Russia.
Previously, on March 7, the Government of the Russian Federation, on behalf of the Head of State, approved a list of “hostile countries” – a list of states and foreign territories that commit hostile actions against Russia , businesses and Russian citizens. India is not on this list.
Recall also that on February 21, 2022, Russian President Vladimir Putin signed decrees recognizing the independence of the self-proclaimed people’s republics of Donetsk and Lugansk (DPR and LPR), and on February 24 he issued an urgent appeal to Russians and announced a special military operation in the Donbass. In his speech, he said that “circumstances demand decisive Russian action” and stressed that “Russia will not allow Ukraine to have nuclear weapons.” The objectives of the special operation were called “demilitarization and denazification” of Ukraine.
In response to Russia’s actions, Western countries (United States, Canada, European Union, Great Britain, Japan) announced new, tougher sanctions against the Russian Federation, including financial and economic ones.
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