Mikhail Zadornov, Russia's former minister of finance, attributed the ruble's recent crash to the Kremlin's stockpile of rupees that are stuck in India. In his view, the ruble's current 95-per-dollar level is in part the result of Russia's inability to convert rupees it earned via exports into its own currency, leaving the rupees stranded. It's state-run Tass agency said Russia's Energy Ministry denied he statements that stranded rupees weakened the ruble. Russia and India previously suspended negotiations over using rupees for trade between the two countries. Russia and India remain deadlocked in a currency dispute that has also frozen weapons sales between the two countries.

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Persons: Mikhail Zadornov, Zadornov Organizations: Service, Russia's Energy Ministry, RBC, Russian Central Bank, Kremlin Locations: Wall, Silicon, Russia, India, Moscow, It's