Russia, or the Russian Federation, is a country spanning Eastern Europe and North Asia. Mostly it is a part of Asia as per the Geographical sets.
It is the largest country in the world, and extends across 11 time zones, sharing land borders with fourteen countries.
Russia’s GDP is from
- service sector accounts for roughly 57%,
- industrial sector (30%),
- agricultural sector is at 3% of total.
Russia’s foreign exchange reserves are the fourth-largest in the world. This was before the Sanctions on Russia during the Russia – Ukraine war.
In spite of Sanctions on Russia, the economy grew at 38% in the last quarter of 2024.
Russian Federation is under UN & WTO sanctions. More than 20,000 sanctions are levied on Russia. This means, as per the UN & WTO etc., (International Trade Bodies) doing business with Russia is prohibited.
Even with Russia under sanctions, Indo-Russia are in trade relations.
The bilateral opportunities between India and Russia in terms of Trade
How to Export to Russia (Maritime Routes)
We give here TWO options.
Route 1 – Chennai to Vladivostok
Route 2 – Mumbai to St. Petersburg.
Even with Russia under sanctions, Indo-Russia are in trade relations.
Our Recommendation is:
- Payment – Advance or LC at Sight
- Incoterm – FCA /FOB or CIF / CIP
- Use INR – Ruble currencies
Payment Methods
- The Rupee Accounts have been opened by Russian banks in 14 Indian commercial banks, including UCO Bank, State Bank of India, HDFC Bank, Yes Bank, IDBI Bank, Punjab National Bank, Axis Bank and Canara Bank.
- Russian Bank – Sberbank has been operating in India since 2010 with its New Delhi branch. A new branch was opened in Mumbai, the financial capital of India, in 2023.
