Govt considering relief for exporters hit by Ukraine crisis: Report

A govt official, who declined to be named, said Indian exporters are owed about $500 mn from Russia and the govt may guarantee banks' letters of credit or loans to help ease the crunch

India is considering guarantees of lenders' letters of credit and soft loans for exporters hit by a cash squeeze following Russia's invasion of Ukraine and Western sanctions imposed on Moscow, two people familiar with the matter told Reuters.

Indian banks are scrambling after bills for imports from Russia have started bouncing and payments for exports have been stuck.

A government official, who declined to be named because the discussions were not public, said Indian exporters are owed about $500 million from Russia and the government may guarantee banks' letters of credit or loans to help ease the crunch.

"Letters of credit is the