Due to the conflict and the sanctions imposed on Russia, many European and American brands have stopped supplying their products, including consumer electronics and clothing, to this country.
“Many Russian companies have approached because they have a strong interest in doing business with India, but there are apprehensions on both sides, especially regarding payment,” an official said.
Yandex Market, involved in imports, logistics, customs clearance, storage and distribution of goods, explores sourcing opportunities for clothing and fashion, children’s toys, bed linen, home decor, textile fabrics, consumer electronics , kitchenware, tea and leather products from India, according to an industry source.
“Yandex Market has been exploring different global sourcing opportunities since the very beginning of 2022,” the company responded to an email query from ET.
“Currently, we continue to focus on this flow, aiming to provide Yandex Market customers with a unique assortment and to open the Russian market to brands from all over the world, including Indian products,” he added.
Food retailer X5 told ET that it wants to expand its cooperation with Indian suppliers of beverages, seafood, tea, coffee, chicory, rice, canned food, kitchenware and fresh grapes, among others.
“X5 Group representatives will be visiting India in the last week of April, we are currently planning the stages of an event,” an X5 Group representative said in an email response.
Currently, X5 purchases goods from over 60 countries around the world.
“Currently, India is one of the top 20 countries in terms of import volumes of the X5 group. In the near future, we plan to increase the supply of Indian products which are economically beneficial for imports,” the representative said.
The Ministry of Trade and Industry previously requested details of all exporters whose payments are blocked in Russia, the non-tariff barriers and market access issues they face there and the items they they want to export to Russia.
Indian exporters have received around half or $200 million of pending payments since last month in Russia.
According to another official, major e-commerce Ozon has expressed interest in branding Indian goods on its platform. The company advertises the products offered by merchants on its platform and charges a commission when a transaction takes place between the foreign seller and the end customer.
“UNICONF has shown interest in certain agricultural products,” said an industry representative.
UNICONF or United Confectioners is the largest confectionery holding company in Eastern Europe and the leader in the Russian confectionery market.
“At least five companies in the pharmaceutical, medical device and equipment sector are inquiring about supplies from India,” another industry representative said, adding that some of them need help. help in finding suppliers of certain particular pharmaceutical products while others wish to distribute them.
Emails sent to other companies went unanswered.
A textile industry source said a buyer in Moscow had expressed interest in buying polyester yarn from India and reducing its dependence on its current suppliers in Germany, China, Turkey and Turkey. Italy.