Traders want re-rouble trade mechanism reactivated

Indian businesses that buy sunflower oil from Russia and Ukraine and sell tea in the region have suggested reactivation of the rupee-rouble trade mechanism as a way of ensuring that supplies are not hit by Western countries' move to block Russian banks' from the SWIFT payments network following the attack on Ukraine. "We have told the government to look into the rupee-rouble trade mechanism so that we can bring in sunflower oil from Russia to meet the demand in the domestic market," Atul Chaturvedi, president of the Solvent Extractors' Association (SEA), told ET.