Western sanctions on Russia puts Indian exporters' payments on hold

New Delhi, Mar 2 (KNN) Approximately USD 400-500 million worth of payments of Indian exporters is stuck in Russia owing to the sanctions imposed by United States, EU and other western countries as a response to its invasion in Ukraine.

Sectors such pharmaceuticals and farm are optimistic about receiving their payments, however the other sectors are still in a limbo. 

It has been reported that several consultation meetings have been held by the government to help businesses clear their due from Russian buyers. 

It will be a huge problem for exporters to send fresh consignments as the Maersk, the largest shipping lines in containers has currently stopped deliveries to and from Russia.

The main worry of exporters is the about the shipments that have already been sent and for this problem certain alternatives have been discussed in the meeting. 

Routing payments through a third nation is also been discussed as an option for companies with large operations.

Although the payment can be received in India without any issue, certain relaxations has been the key demand of the exporters.  (KNN Bureau)