India resumes Tea, Rice, other Exports to Russia

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India resumes Tea, Rice, other Exports to Russia
19 Apr 2022
5 min read

News Synopsis

Recently it has been reported that India has resumed the exports of goods including tea, rice, fruits, coffee, marine products, and confectionery to Russia. The transactions or payments are facilitated by Banks led by Russia's largest lender, Sberbank. This Bilateral trade is majorly carried via ports in Georgia. Director-General and Chief Executive Officer of Federation of Indian Export Organisations, Ajay Sahai said: "The transactions are happening through Sberbank.” The bilateral trade and exports came to an abrupt halt following the Russian invasion of Ukraine. The settlement of the Trade between the two nations is being done through the rupee-rouble route as much as it is possible.

Some Banks are also offering remittances in euros. Leading exporter of rice to Russia,  Shah Nanji Nagji Exports’ director, Ashwin Shaw said, "We have just shipped 60 containers of non-basmati rice to Russia, each weighing 22,000 kg. Payment for our rice is being handled by Russia-based Alfa Bank. Bank of Maharashtra is our Indian bank." Industry officials informed that Kremlin is also a major market for Indian tea. It also imports 43-45 million tea kg annually. Mohit Agarwal, director of Asian Tea, told, "Tea exports to Russia have begun and we have just shipped five containers to Russia."

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