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India resumes shipments to Russian Federation

It seems that India has restarted the shipment of goods to Russia again after two Russian banks have started facilitating payments in both rupee-ruble and euro. Last week, dozens of containers full of rice, tea, coffee and seafood among others were shipped to Russia through ports in Georgia.

It is the first time goods from India are exported to Russia as stores in Moscow went empty after the Russian invasion of Ukraine on 24 February. Apparently, India is also importing low cost Russian fuel oil as offered by Moscow to maintain its foreign currency reserve.

Russian Sberbank and Alfa Bank are facilitating the bilateral trade, according to Indian traders. Officials of both countries have chalked out plans on how to restart trading and payments, especially in rupee and ruble. India has been maintaining close ties with Moscow since the war began and the western nations imposed various political and economic sanctions on the invader.

Source: container-news.com


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