Type to search

Indian Businesses Using UAE For Russian Cargo Deals – ET

Indian exporters, importers and banks are using a trade ploy they “relied upon during the US embargo on Iran to sidestep sanctions on Russia” by turning to the UAE, the report said


Dubai skyline
Indian exporters, importers and banks are routing cargo deals with Russia through Dubai, seen here, to conceal their trade, the Economic Times alleges. Photo: Reuters.

 

Indian exporters, importers and banks are using an old trade ploy they “relied upon during the US embargo on Iran to sidestep sanctions on Russia” by turning to the United Arab Emirates and its diverse money market, a report in India’s Economic Times said on Friday.

Trade payments for cargo were routed via companies and banks in Dubai “in transactions that come across like regular bilateral trade between India and UAE,” the report said, citing senior bankers and members of trade bodies, who said the banks and their clients did not question the origin or destination of goods and processed “as if the Russian leg of the transactions doesn’t exist.”

Read the full report: Economic Times.

 

ALSO on AF:

Buying Russian Oil Not in India’s Interest, Biden Tells Modi

Russia Turns to China, India as Western Brands Exit

 

 

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

logo

AF China Bond