Surat: Indian businessmen doing business in Russia have appealed to the Indian government to provide additional support to ensure a level playing field for businesses from other countries. These demands were conveyed to the delegation accompanying Prime Minister Narendra Modi during his visit to Russia on Tuesday. One of the main demands was related to payment facility. Diamond industry representatives specifically asked for a direct payment system between India and Russia. Bharat Narula, a diamond merchant based in Russia, also met External Affairs Minister S Jaishankar. “From India, if someone in the diamond industry wants to pay in Russia, it has to be done through China. If the government develops an alternative, it will be easier to do business and Even in cost.” The ongoing conflict between Russia and Ukraine has led to sanctions imposed by the United States, making it difficult for Russian diamonds to receive payments in US dollars. Earlier, payments were easily made in US dollars. It is important to note that Russia’s share of the global diamond supply was about $4 billion, which is about 30 percent of the global supply. Diamonds Globally, it is the largest importer and a major center of small-sized rough diamonds sourced from Russia, in 2022, following the Russia–Ukraine war, the US Treasury Department announced that rough diamonds mined in Russia Diamonds were banned. “Payments in rubles from Dubai and Hong Kong are smoother than in US dollars, the Indian rupee has a higher exchange rate,” Shahr explained. Chandresh Devjani, a textile trader, echoes the sentiment regarding the need. To solve payment problems. “Indian rupees are not easily converted into Russian currency, while payments are smooth in Chinese currency. Further, we request the Indian government to provide financial assistance to expand business relations with Russia.” Devjani told TOI over phone from Moscow. Devjani added, “There are many opportunities for Indian textile businesses in Russia. We are not looking for opportunities like the Chinese are doing.

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