New Delhi, April 27 (KNN) The Federation of Indian Export Organisations (FIEO) has said that in order to help exporters dealing with economic sanctions on Russia the government must find a system to facilitate rupee-rouble trade.

Calling for the rupee-rouble trade, FIEO President A Sakthivel suggested that the government should identify 5-6 banks through which exporters of both countries can follow the mechanism.

India found a similar way with Iran and now it must a way to do trade with Russia, he said.

FIEO has suggested that whatever is imported from Russia should be paid in rupee and Russia can keep that rupee in a separate account and use that to pay for Indian exports.

Pharmaceutical products, tea, electrical machinery and equipment, organic chemicals, and vehicles are some of the major export items from India to Russia.

India's exports to Russia stood at USD 3.2 billion in 2021-22 as against USD 2.7 billion in 2020-21 and imports were at USD 8.7 billion last fiscal year as against USD 7 billion in 2020-21. (KNN Bureau)