Kolkata: tea exporter Russia expressed concern on Monday over how to resolve payment issues for its shipments as several banks in the CIS country have been blocked from accessing the global financial system SWIFT in the wake of the Russian-Ukraine crisis. Indian Tea Exporters Association (ITEA) President Anshuman Kanoria said that everything is uncertain and premature in terms of conflict.
“But blocking access to SWIFT is worrying for many Russian banks. Russia is the largest importer of Indian tea, followed by Iran, which also has payment problems due to US-imposed sanctions.”
The US, along with its major allies including the European Union and the UK, decided to disconnect major approved Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) in response to Moscow’s invasion of Ukraine.
According to Tea Board data, Russia imported 34.09 million kg of Indian tea during the last calendar year, followed by Iran with 26.18 million kg.
In addition to payment issues with Russia, tea cargo movement There is also a problem for the country as “no deliveries are taking place at the Black Sea port and most shipping liners are not carrying cargo to Russian destinations,” he said.
Kanoria said the Tea Board has already called a meeting with exporters in Russia, adding that the Center is monitoring the situation very closely. “We are also in touch with the government,” he said.
Kanoria said the Russian ruble has weakened against the rupee and the US dollar, adding to the problem.
“The exporting community is hopeful that some solutions will be found. These are worrying times for the tea industry, both with Russia and Iran due to payment issues,” he said.
“But blocking access to SWIFT is worrying for many Russian banks. Russia is the largest importer of Indian tea, followed by Iran, which also has payment problems due to US-imposed sanctions.”
The US, along with its major allies including the European Union and the UK, decided to disconnect major approved Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) in response to Moscow’s invasion of Ukraine.
According to Tea Board data, Russia imported 34.09 million kg of Indian tea during the last calendar year, followed by Iran with 26.18 million kg.
In addition to payment issues with Russia, tea cargo movement There is also a problem for the country as “no deliveries are taking place at the Black Sea port and most shipping liners are not carrying cargo to Russian destinations,” he said.
Kanoria said the Tea Board has already called a meeting with exporters in Russia, adding that the Center is monitoring the situation very closely. “We are also in touch with the government,” he said.
Kanoria said the Russian ruble has weakened against the rupee and the US dollar, adding to the problem.
“The exporting community is hopeful that some solutions will be found. These are worrying times for the tea industry, both with Russia and Iran due to payment issues,” he said.