Russian importers are reaching out to small Indian businesses to secure fresh produce and other key goods that are becoming scarce due to international sanctions. Private sector players in Russia have met with potential suppliers in India's big cities and are opening specialized bank accounts at home for rubles-to-rupees transactions, with the blessing of the two governments, some sources say.
In India, one of the most prominent world economies to continue trade with Russia, this has put the spotlight on small and medium enterprises (SMEs) as a potential trade route that, while limited in size, could remain under the sanctions radar.
"It is absolutely clear that large Indian conglomerates having exposure to the West will not conduct business with Russian companies," said a senior Indian foreign ministry official based in New Delhi. "But SMEs can export and settle payments through banks that are not under the Western sanctions regime."
Source: reuters.com