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India's exports to Russia have resumed, with containers carrying goods such as tea, rice, fruits, coffee, marine products, and confectionery shipping out last week.
Banks, led by Russia's largest lender, Sberbank, are facilitating the settlement of bilateral trade, which is primarily passing through Georgian ports. "The transactions are taking place through Sberbank," explained Ajay Sahai, director general and CEO of the Federation of Indian Export Organizations.
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Exports had nearly stalled in the aftermath of Russia's invasion of Ukraine on February 24. The trade is being settled in the rupee-rouble route to the greatest extent possible, while some banks are providing remittances in euros. Both countries' officials have met to discuss trade and payments.
"We just dispatched 60 containers of non-basmati rice to Russia, each weighing 22,000 kg," Ashwin Shah, director of Shah Nanji Nagji Exports, a leading rice exporter to Russia, said. "Alfa-Bank, based in Russia, handles payment for our rice. Our Indian bank is the Bank of Maharashtra."
The immediate demand is for food, as Russian stores are being emptied as a result of sanctions imposed on the country and a supply ban imposed by the European Union. "Tea exports to Russia have started, and we have just transported five containers to Russia," said Mohit Agarwal, director of Asian Tea, a major exporter.
Russia is a significant market for Indian tea, importing 43-45 million kg per year. More items will be added soon for export to Russia.
This has widened the horizon of the Russian-Indian trade for the future as well.
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