Russia calls for 'extra efforts' to overcome payment hurdles

Updated: Nov 20 2023 11:06PM

Kolkata, Nov 20 (PTI) Aiming at strengthening economic ties with India, Russia’s envoy to India on Monday said payment problems hinder trade and there is a need for "extra efforts" from banks and exporters to overcome this hurdle.

Denis Alipov, Russian Ambassador to India, said that the Vostro trade settlement mechanism (Rupee payment) did not work well.

"Some extra efforts are needed by companies and banks to explore the conditions," he said.