<p>Russian authorities are discussing bringing back the compulsory sale of foreign currency revenues for exporters, four sources familiar with the matter told <em>Reuters,</em> with one high-level source saying that the change could be made "at any moment".</p>.<p>The need to reintroduce stringent capital controls comes as Russian authorities grapple with a sharply weakening rouble, which tumbled past 100 to the dollar on Monday. An emergency 350-basis-point rate hike by the central bank on Tuesday seems to have only slowed the currency's slide.</p>.India's imports from Russia double to $20.45 billion in April-July, driven by oil, fertiliser shipments.<p>Three sources said authorities were discussing the forced conversion of FX revenues by exporters, a measure adopted shortly after Russia sent troops into Ukraine in February 2022.</p>.<p>The high-level source hinted that the move was imminent, in spite of the fact that part of Russia's export revenues are now in roubles and Indian rupees, a consequence of Moscow seeking to move away from what it considers "unfriendly" Western currencies.</p>.<p>Russia has been supplying India with cheap oil. Russia’s <em>RBC daily</em> quoted the head of an India industry confederation as saying that a significant amount of trade between India and Russia is conducted in rupees, with mechanisms for settlement in roubles being explored. </p>
<p>Russian authorities are discussing bringing back the compulsory sale of foreign currency revenues for exporters, four sources familiar with the matter told <em>Reuters,</em> with one high-level source saying that the change could be made "at any moment".</p>.<p>The need to reintroduce stringent capital controls comes as Russian authorities grapple with a sharply weakening rouble, which tumbled past 100 to the dollar on Monday. An emergency 350-basis-point rate hike by the central bank on Tuesday seems to have only slowed the currency's slide.</p>.India's imports from Russia double to $20.45 billion in April-July, driven by oil, fertiliser shipments.<p>Three sources said authorities were discussing the forced conversion of FX revenues by exporters, a measure adopted shortly after Russia sent troops into Ukraine in February 2022.</p>.<p>The high-level source hinted that the move was imminent, in spite of the fact that part of Russia's export revenues are now in roubles and Indian rupees, a consequence of Moscow seeking to move away from what it considers "unfriendly" Western currencies.</p>.<p>Russia has been supplying India with cheap oil. Russia’s <em>RBC daily</em> quoted the head of an India industry confederation as saying that a significant amount of trade between India and Russia is conducted in rupees, with mechanisms for settlement in roubles being explored. </p>