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Exporters to Russia seek Centre, RBI's help to clear stuck payments
The disruption to Indian companies' cash flows could have a ripple effect with them delaying payments to workers and suppliers and possibly missing payments to lenders, they said.
Tea, steel, chemical and pharmaceutical exporters to Russia are seeking intervention by the government and the Reserve Bank of India (RBI) as millions of dollars in payments are stuck because of sanctions imposed by the West that isolated Russian banks from the global financial system, said people with knowledge of the matter.
The disruption to Indian companies' cash flows could have a ripple effect with them delaying payments to workers and suppliers and possibly missing payments to lenders, they said.
Russian entities have been excluded from the global Society for Worldwide Interbank Financial Telecommunication or SWIFT platform as part of the sanctions.
Many tea exporters from south India haven't received payments from Russian buyers.
"The rupee payment has come but the dollar payment has not yet come," said South India Tea Exporters Association chairman Dipak Shah. "We are clueless (about) when the exporters will get their payments."
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