FIEO Fears Trade Disruption and Payments Turmoil in Russia Sanctions

Calls for Early Draw down of OFAC Sanctions

Reacting to the question of impact of US sanctions on Russia following the hostilities between Ukraine and Russia, Dr A Sakthivel, President, FIEO said that it has added to the uncertainty for exporters and we are advising them to wait & watch as the exact implication of banking & financial sanctions needs to be evaluated. He hoped that the Wind-Down period would be available in the OFAC sanctions so as to take care of transactions in the pipeline. He, however, requested that the shipments which are at the ports or in the voyage may be quickly cleared and loss to exporters, either during transit or in payment, may be sympathetically considered by the Government.

[FIEO Press Release/24.02.2022]