September 29, 2023

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Russian grocery stores are being emptied, and Moscow is already handing it over to India for help

The Indian Embassy in India has approached New Delhi with a list as food items are running out in stores due to Western sanctions. It also includes non-essential ingredients like orange jam, but also basic foods like dry pasta, oats, rice, coffee or tea. But Russian stores do not have cornflakes, rum, ketchup or shrimp. As Economic Portal.

India and Russia have been pushing for closer ties since Western sanctions were imposed on Moscow over the Ukraine war. For example, after the US-led West, it is developing an alternative payment system using the rupee and the ruble. Banned several Russian banks From the Association for Financial Telecommunications (Swift) between global banks. But earlier this week, Russia urged Indian agro-processed food manufacturers and retailers to set up Indo-Russian agro-industrial parks in the “Lodos” special economic zone, “Lodos”, in southern Russia. Foods are produced to reduce the country’s dependence on food and agricultural imports.

The Russian Embassy in New Delhi has shared a list of transport requirements with the Federation of Indian Export Organizations (FIEO). Top Export Promotion Company has arranged a buyer-seller meeting on Tuesday to link Russian companies with Indian sellers. Since there are no restrictions on food and medicine, the agreement on the trade in food and agricultural products should not be a problem.

Meanwhile, Russian stores have run out of basic food items, including sugar, pasta and rice, according to press reports. For some products, Moscow authorities Various restrictions have been introduced.

Russians are looking for food suppliers as items previously exported by the European Union, the United Kingdom and the United States have disappeared from Russian stores. In India, many market players are happy with the Russian market: according to local trade councils, the first shipments may start in early June.

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Although the payment method and delivery channels are not yet clear, Indian retailers see this as an opportunity to increase sales. “There is no other option but to agree with the EU. Russia is ready to give India a competitive price for exports. We see this as a great opportunity,” he told Mint, a processed food vendor in Delhi.

Russia’s state-owned VEB Development Bank and the Central Bank of India (RBI) have reportedly finalized a payment mechanism to convert Swift to local currency transactions. In terms of shipping, Georgia has only one port for export to Russia.