India, Russia Explore New Avenues for Rupee Reserve Utilization: RBI Official

• India is exploring additional ways for Russia to utilize its accumulated rupee reserves, says RBI official N Senthil Kumar.
• The central bank is assessing how Russian entities can productively use their rupee funds in the Indian economy.
• Russia accumulated large rupee holdings from crude sales to India after becoming a major oil buyer post-Ukraine invasion.
• Despite existing avenues like local equities (with restrictions), Russia has struggled to effectively deploy these funds.
• Indian refiners are increasing Russian oil imports again after US approval, following a temporary decline.