Russia has historically been a significant business partner for India in terms of both imports and exports. Even before the breakup of the Soviet Union, the “Rupee-Rouble Trade” framework was in place between the two nations.
In light of the evolving economic cooperation and political landscape, enhancing trade and economic relations between India and Russia has become a top priority for both countries. This partnership presents substantial opportunities for Indian exporters and importers looking to expand their business. The recent measures announced by the Reserve Bank of India (RBI) permitting imports and exports under a Rupee Payment Mechanism are expected to further boost trade between India and Russia.
Yes Bank, along with Russia’s Petersburg Social Commercial Bank (PSCB), is taking the lead in facilitating Rupee-Rouble bilateral trade. This initiative aims to bypass the US dollar, ensuring seamless cross-border transactions with Russian entities, especially amid Western sanctions on the country.
Objective of the Workshop
The primary aim of this workshop is to familiarize participants with the vast opportunities available for Indian exporters and importers engaging in business with Russia.
Workshop Content
- Overview of India-Russia Business Relations
- Key Imports and Exports Between India and Russia
- Impact of RBI’s Recent Measures on International Trade in Rupees
- Mechanism for Trade Settlement in Indian Rupees
- Process Flow for Settlement
- Regulatory Guidelines Governing Trade
- Application of Exchange Rates in Transactions
- Vostro Account: Processes and Arrangements
- Recent Negotiations and Developments in Bilateral Trade
- Institutional Mechanisms for Promoting Bilateral Trade
- Proposed Free Trade Agreement (FTA) / Comprehensive Economic Cooperation Agreement (CECA) with the Eurasian Economic Union.
- Trade Regulations in Russia
- Miscellaneous Topics Related to Trade and Commerce
This workshop is designed to equip participants with essential knowledge and insights to leverage the emerging opportunities in trade between India and Russia.