Indian exporters fear $400 mn stuck in Russia as West blocks its banks

While exporters will get more clarity on the impact when finer details of SWIFT ban are spelt out, they have had discussions with govt to deal with payment-related challenges

With western nations deciding to block many Russian banks from accessing the SWIFT international payment banking system, following Russia’s invasion of Ukraine, Indian exporters fear roughly $400 million may get stuck.

While exporters will get more clarity on the impact when the finer details of the SWIFT ban are spelt out, they have had discussions with the government to deal with payment related challenges. One of the options could be to restore the rupee-rouble payment mechanism with Russia, an industry official said, adding that the department of commerce is looking into the concerns of the exporters and is likely to