जब Russia ओर मनमोहन जी ने भारत को Billion $ का चुना लगाया | GyanJaraHatke wit
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Russia, after the dissolution of the agreement in 1992.
In the immediate aftermath of the USSR’s breakup, the Soviet banking system was dismantled and catastrophically restructured, as policymakers heeded the advice of American banking experts. As the economy went into a freefall, the ruble, now no longer supported by state regulations, spiralled into oblivion on the free market. The spot exchange rate at that point was 488 rubles per US dollar. The states that owed debts to USSR’s successor, Russia, either paid them back at extremely favourable market rates or refused to pay at all, citing the cessation of the USSR as a legal entity.
India on the other hand, under the leadership of then-Prime Minister Narasimha Rao and Finance Minister Manmohan Singh, finalized a rupee-ruble deal where the ruble was artificially valued at a thousand times more than its current market value. Therefore, the exchange rate was pegged not at the prevailing 488 rubles/dollar but at 0.78 rubles/dollar - the rate which existed in late 1989. Despite facing a balance of payments crisis with critically low foreign exchange reserves, New Delhi sought the full repayment of its 9.9 billion ruble debt in a manner which was favourable to the nascent Russian Federation
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