New Delhi: Of India exporters approximately $400-500 million in pending payments Russia and are engaged in discussions with the government to work out a mechanism to recover the dues, following the restrictions imposed by the government West,
The pharma and agriculture sectors are left out of the SWIFT restrictions, exporters are optimistic about getting their payments, but others are yet to figure out a way around the restrictions. Sources told TOI that the government has conducted a few rounds of consultations and some changes may be required in the existing arrangement so that businesses can get their dues from Russian buyers.
With shipping lines like Maersk, the largest in containers, suspending deliveries to and from Russia, sending fresh consignments is going to be a problem for exporters. The shipping lines stopped accepting orders soon after the war broke out. But the current concern of the exporters is more about the already dispatched shipments, for which some options have been discussed.
While importers in Russia can transmit money in rubles, there are problems with receiving it. Further, exporters would need relaxation in norms and export benefits may not be available, which would make consignments unviable.
Another option discussed is for companies with large operations, which involve routing payments in other countries through a third nation. Again, the payment can be received in India without any problem, but the exporters have demanded some relaxation.
The pharma and agriculture sectors are left out of the SWIFT restrictions, exporters are optimistic about getting their payments, but others are yet to figure out a way around the restrictions. Sources told TOI that the government has conducted a few rounds of consultations and some changes may be required in the existing arrangement so that businesses can get their dues from Russian buyers.
With shipping lines like Maersk, the largest in containers, suspending deliveries to and from Russia, sending fresh consignments is going to be a problem for exporters. The shipping lines stopped accepting orders soon after the war broke out. But the current concern of the exporters is more about the already dispatched shipments, for which some options have been discussed.
While importers in Russia can transmit money in rubles, there are problems with receiving it. Further, exporters would need relaxation in norms and export benefits may not be available, which would make consignments unviable.
Another option discussed is for companies with large operations, which involve routing payments in other countries through a third nation. Again, the payment can be received in India without any problem, but the exporters have demanded some relaxation.