Russian companies want tie-ups with India amidst the chaos

Russian companies want tie-ups with India amidst the chaos

India

Several Russian companies have reached out to India for business ties amid Moscow’s conflict with Kyiv.

Several Russian companies have reached out to India for business ties amid Moscow’s conflict with Kyiv.

Russia’s e-commerce platforms Ozon and Yandex Market, food supplements firm Pharmstandard, dental products distributor Simkodent, largest food retailer X5 Retail Group and confectionery major UNICONF are among them. Due to the conflict and the sanctions on Russia, many European and American brands have stopped supplying their goods including consumer electronics, and apparel to that country.

Yandex Market, involved in imports, logistics, customs clearance, storage and distribution of goods, is exploring the possibilities of sourcing apparel and fashion, kids toys, bed linen, home decor, textile fabrics, consumer electronics, kitchen items, tea and leather products from India, according to an industry source.

Food retailer X5 told that it is interested in expanding its cooperation with Indian suppliers of drinks, seafood, tea, coffee, chicory, rice, canned food, kitchenware, and fresh grapes, among others. At the moment, X5 purchases goods in more than 60 countries around the world.

The commerce and industry ministry had earlier sought details of all exporters whose payments are held up in Russia, the non-tariff barriers and market access issues they face there, and the items which they want to export to Russia. Indian exporters have received around half or $200 million of payments that were pending since last month in Russia.

E-commerce major Ozon has expressed interest in branding Indian products on its platform. The firm advertises products offered by traders on its platform and charges a commission when a transaction takes place between the foreign seller and the end customer.

Source: The Economic Times

Image Source: Google Images

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