Indian exporters, in a dilemma over pending payments from Russian importers, are asking for government and major bank intervention to resolve their problem.
Among those affected are mainly people involved in the export of tea, steel, chemicals and pharmaceuticals. Payments, amounting to millions of dollars, are blocked due to Western sanctions, according to a report by Economic periodRussia being excluded from the SWIFT payment system.
“The rupee payment has arrived but the dollar payment has not yet arrived. We do not know when the exporters will receive their payments,” said Dipak Shah, chairman of the Tea Exporters Association of India. South.
“We are writing to the Reserve Bank of India to intervene so that the domains do not encounter any operational difficulties,” he said.
Also Read – India Buys Russian Sunflower Oil at Record Price as Ukraine Supply Halts
According to the report, the disruption in cash flow could delay payments to workers, suppliers and lenders.
In the first 10 months of the fiscal year that ended in 2022, India’s exports to Russia totaled $2.85 billion, according to data from Bank of Baroda Economic Research. In contrast, imports totaled $7.90 billion.
“It is not only tea that is suffering from late payments. Engineering, chemicals, plastics are also suffering as their payments are blocked,” said Ajay Sahai, chief executive of the Federation of Indian Organizations of export (FIEO). as told.
Watch the latest DH videos here: