Russian importers tapping small Indian businesses to avoid sanctions

2022-05-18 13:12:27 Exim News

As the Ukraine conflict drags on and sanctions tighten around Russia’s economy, Russian importers are reaching out to small Indian businesses to secure fresh produce, auto parts, medical devices and other key goods, it is learnt.

Private sector players in Russiaopening bank accounts at home for rouble-to-rupee transactions

 Private sector players in Russia have met with potential suppliers in India’s big cities and are opening specialised bank accounts at home for rouble-to-rupee transactions, with the blessing of the two governments.

India is one of the most prominent world economies to continue to trade with Russia and this has put the spotlight on SMEs as a potential trade route that, while limited in size, could skip the sanctions radar, said a report.

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