NEW DELHI, September 12. /TASS/. Indian Ambassador to Russia Pavan Kapoor has denied claims that large amounts of Indian rupees are being hoarded in Russia due to the fact that the Indian side pays for Russian oil in rupees, noting that this is due to an imbalance in bilateral trade.

"Russian media outlets have reported that huge volumes of Indian rupees are sitting in Russia as oil was purchased for rupees. I want to make this clear. No, this is not the case. Oil has been purchased with hard currency," he said at the Eastern Economic Forum (EEF).

Meanwhile, Russia is indeed coming out on top in the imbalance in economic ties between the two countries, with Indian rupees accumulating in Russian banks due particularly to this imbalance, the diplomat noted.

Trade turnover between the two countries amounted to almost $50 bln during the last financial year (lasting from April 1 to March 31 in India). "And, of course, Russia is the beneficiary here. Economic relations have become less balanced. Obviously, we have increased purchases of crude oil, purchases of fertilizers and so on. But we ask our Russian friends to increase exports from India. It will be difficult for us to boost trade turnover unless we do that," he explained.

The 8th Eastern Economic Forum (EEF) is being held in Vladivostok on September 10-13, 2023. The slogan for this year’s forum is: On the Path to Partnership, Peace and Prosperity. The Roscongress Foundation is the event organizer. TASS is the EEF’s general information partner.