What will be the effect on India's agri, pharma and petroleum product exports due to sanctions on Russia?

What will be the effect on India’s agri, pharma and petroleum product exports due to sanctions on Russia?

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new Delhi . The situation around the world has become complicated amid the Russia-Ukraine crisis. The escalation of the war is a matter of concern for India because of India’s deep trade ties with Russia. Meanwhile, Indian manufacturers and exporters have expressed their concern due to the sanctions imposed on Russia from all over the world.

On this, the Federation of Indian Export Organization (FIEO), controlled by the Ministry of Commerce, has asked 25 Export Promotion Councils under its purview not to take tension about the export of agriculture, pharmaceutical and petroleum products.

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Various sanctions on Russia
This statement of FIEO assumes great importance amidst the sanctions being imposed on Russia by all countries including America. On February 27, the US Financial Intelligence Agency Office of Foreign Assets Control (OFAC) announced a series of sanctions on Russia.

OFAC enforces and manages economic and trade sanctions in support of US national security and foreign policy objectives. In response to Russia’s attack on Ukraine, it has been continuously imposing sanctions on Russian individuals and organizations over the past few days.

Eight licenses issued for import-export
FIEO has asked its export promotion councils to apprise the members about the relaxations and guidelines issued by OFAC in this regard. Along with this, it has also been asked to tell about eight licenses for transactions.

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Top FIEO officials have said that under these guidelines, our exports of agricultural, pharma and petroleum products to Russia will not be kept within the restrictions.

The export organization body of the Ministry of Commerce told its members that “specifically, OFAC has issued eight general licenses. Under this authorize certain transactions related to transactions in agricultural and medical goods and COVID-19 pandemic, overflight and emergency landing, energy, credit to international organizations and institutions.

Tags: export, Import-Export, Indian export, Manufacturing and exports, Organization of the Petroleum Exporting Countries

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