‘Rupee fee settlement didn’t work effectively, want additional effort to beat hurdles’: Russian envoy to India

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Aiming at strengthening financial ties with India, Russia’s envoy to India on Monday mentioned fee issues hinder commerce and there’s a want for “additional efforts” from banks and exporters to beat this hurdle. Denis Alipov, Russian Ambassador to India, mentioned that the Vostro commerce settlement mechanism (Rupee fee) didn’t work effectively. “Some additional efforts are wanted by corporations and banks to discover the circumstances,” he mentioned.

He, nevertheless, didn’t elaborate on what he meant by “additional efforts”.

In response to a query on the sidelines of an MCCI-organised interactive session, he emphasised the need for extra efforts from Indian banks and exporters to resolve this subject. Although he admitted that resolving the fee methodology would require a lot fine-tuning, Alipov mentioned banks are keen to cooperate.

Supply of S-400 

On the defence deal for the superior long-range surface-to-air missile defence system S-400, Alipov acknowledged delays however mentioned provides are on however in a brand new schedule. Sanctions led to Russian banks being banned from the Swift banking community.

Regardless of these challenges, Alipov remained optimistic, anticipating a commerce growth as soon as the fee mechanism is streamlined.

Concurrently, the Russian diplomat expressed curiosity in higher collaboration within the MSME sector, with a large delegation heading to West Bengal for BGBS, the two-day funding summit beginning Tuesday.

There’s curiosity in varied sectors similar to power, defence, house, logistics, training, railways, and hospitality. The bilateral commerce in FY’23 reached USD 49 billion, solidifying Russia as India’s fourth-largest commerce accomplice.

(With inputs from company)

Additionally Learn: Russia inks take care of India to provide and co-produce Igla anti-aircraft missiles with Indian non-public firm

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Olivia Morgan

Olivia Morgan is an accomplished journalist with over 15 years of experience in reporting and analyzing global events. Born and raised in London, Olivia's passion for international affairs was sparked during her university years when she studied journalism and political science.
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