India has restarted exports of non-sanctioned products to Russia, with a consignment carried out last week, as Russia continues to suffer from sanctions imposed by the West. This comes after Moscow approached New Delhi for food and pharmaceutical imports as a result of corporations withdrawing from the Russian market in the aftermath of harsh sanctions since the Russian incursion in Ukraine began in late February. According to media sources, Russia has been eyeing deals and agreements with Indian corporations for imports, especially food, due to dwindling supplies of basic products.
Tea, rice, fruits, confectionary, marine products, and coffee were among the items transported to Russia in a cargo that arrived last week. According to the Federation of Indian Export Organisation (FIEO), India’s premier trade organisation, the vessels transporting supplies also included medical equipment. According to Ajay Sahai, Director-General of FIEO, some shipping lines have begun sailing routes through Georgia. He went on to say that the amount of exports has been quite low in comparison to previous years and those shipped to the CIS nations.
While Moscow has not been slapped with sanctions on the import of medical items, logistics, and payment channels could remain an issue owing to Russia’s ouster from the SWIFT global banking services. However, banks led by Russia’s Sberbank are ensuring bilateral trade payments due to the presence in India, Sahai informed. He added that Russian entities with representatives in Turkey are also enabling exporters’ payment in Euro.
As the trade resumed under the Rupee-Ruble route, India has shipped at least 60 containers of basmati rice to Russia, said one of India’s leading exporters. Additionally, five containers of tea have also been dispatched to the country. The developments come after a nearly two- months-long hiatus in bilateral trade between India and Moscow since Russian President Vladimir Putin unleashed an offensive on Ukraine.
