Exporters seek direct rupee-ruble exchange

INDIAN EXPORTERS ARE facing mounting payment delays on shipments to Russia as sanctions widen and banks grow wary of handling transactions, prompting calls for a direct rupee-ruble exchange mechanism.

- MUKESH JAGOTA

"The rupee-ruble trade mechanism has not worked smoothly, and some multinational banks of Indian origin are reportedly not accepting payments from Russia and not issuing e-BRC as they are afraid of losing business in north America and Europe due to sanctions on Russia," the Engineering Ex