Indian exports to Russia start, tie-ups in critical tech sought : The Tribune India

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Indian exports to Russia start, tie-ups in critical tech sought

Barred from SWIFT transactions, Moscow routes payments via two banks

Indian exports to Russia start, tie-ups in critical tech sought

Russia has reached out and the Indian industry has responded by resuming exports of tea, rice, fruits, coffee, marine products and confectionery, said trade sources here.



Tribune News Service

New Delhi, April 19

Russia has reached out and the Indian industry has responded by resuming exports of tea, rice, fruits, coffee, marine products and confectionery, said trade sources here. Shipments began last month and are facing problems due to extraneous reasons such as difficulties in insurance and high cost of containers but payments are being made through two Russian banks — Sberbank and Alfa Bank.

The exports shipped out last include over 100 containers of non-basmati rice and an equal number of marine products and confectionery containers, said industry sources while pointing out that opportunities had opened out for Indian exporters to establish a bigger footprint in Russia of their commodities.

The exports to Russia had stopped after its invasion of Ukraine on February 24 and the shipments that had gone out just before the invasion found their payments, amounting to about Rs 2,000 crore, getting stuck after Moscow was disconnected from SWIFT. However, exporters and the government have worked their way into the still-existing channels through which Europeans are trading with Russia. Russia is also in touch with India on expanding its scientific collaboration after China pressed the pause button. “Unfortunately, I can say directly that our Chinese scientific colleagues have pressed the pause [button], and over the past month we have not been able to enter into serious discussions,” Russian Academy of Sciences President Alexander Sergeev said last week.

Pharmaceuticals, space and digital are the areas where Russia wants to step up its collaboration with India, he said. But the Russian scientific establishment will “behave in such a way as not to break off relations and try to maintain them”, he added.

Costly shipments remain a concern

  • Shipments facing problems due to difficulties in insurance and high cost of containers
  • 200 containers of non-basmati rice, marine products and confectionery shipped
  • Indian exporters are eying to establish a bigger market for their commodities in Russia
  • Russia looking to step up its collaboration with India in pharma, space and digital

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#Russia #ukraine crisis


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