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India seeks industry feedback to resolve Russia trade payment bottlenecks
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Shardul Nautiyal, Mumbai
July 02 , 2026
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The Government of India has initiated a focused exercise to address persistent payment-related challenges affecting trade transactions with Russia, particularly in the pharmaceutical and healthcare sectors. As part of this effort, the Department of Commerce (DoC) has sought detailed inputs from industry stakeholders to better understand the nature and extent of payment bottlenecks that continue to impact exports.
In response to the government's initiative, the Pharmaceuticals Export Promotion Council of India (Pharmexcil) has called upon its member companies exporting pharmaceutical formulations, active pharmaceutical ingredients (APIs), drug intermediates, medical devices, and other healthcare products to Russia to share details of payment-related issues encountered during their business transactions.
The move comes amid continued efforts by India to streamline trade and financial settlement mechanisms with Russia, where exporters have faced operational difficulties due to evolving international financial restrictions, banking limitations, currency settlement complexities, and cross-border payment challenges. The feedback is expected to provide policymakers with practical industry insights to support discussions on developing more efficient and reliable payment systems.
According to an official, the information collected from member companies will be consolidated and submitted to the DoC. The objective is to assist the government in identifying sector-specific concerns and formulating appropriate measures that facilitate smoother trade flows while safeguarding the interests of Indian exporters. All information shared through the exercise will be treated with strict confidentiality and used solely for official representation before the Department of Commerce.
Stakeholders have been urged to submit their responses through an online form within the stipulated timeline to enable timely compilation and submission of industry feedback.
Government continues to engage with industry bodies to address operational challenges in international trade and ensure that India's pharmaceutical exports to Russia remain resilient despite evolving global financial and geopolitical conditions.
The key stakeholders involved in the exercise include the DoC, Pharmexcil, Indian pharmaceutical exporters, manufacturers of APIs and drug intermediates, medical device companies, healthcare product exporters, banking and financial institutions involved in cross-border settlements, and Russian trade partners. The outcome of the consultation is expected to contribute to policy deliberations aimed at strengthening bilateral trade and improving payment infrastructure between the two countries.
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