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12/05/2022 11:13am

Russian traders look for business opportunities with Indian SMEs to avert sanctions

image Russian traders look for business opportunities with Indian SMEs to avert sanctions

New Delhi, May 12 (KNN) Indian Small and Medium Enterprises’ (SMEs) potential of remaining unnoticed by Western sanctions has attracted Russian importers to deal with them to secure fresh produce, auto parts, medical devices and other key goods are growing scarce due to international sanctions.

An official told Reuters that it is absolutely clear that large Indian conglomerates having exposure to the West will not conduct business with Russian companies. 

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With SMEs as a potential trade route that, while limited in size, could remain under the sanctions radar, has grabbed Russian importers’ interest. 

Supported by both the governments, private sector players in Russia have met potential suppliers in India nd are opening specialised bank accounts at home for roubles-to-rupees transactions.

According to media reports, Russian chambers of commerce were travelling to New Delhi, Mumbai and Bengaluru to identify companies willing to set up new subsidiaries or joint ventures to export goods to Russia. (KNN Bureau)

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