India's trade will be affected amid Russia-Ukraine dispute

The country's trade will be affected by the Russia-Ukraine military conflict. Exporters say that this war is bound to affect the movement of consignments, payments and oil prices, due to which many things will become expensive.

The Federation of Indian Export Organizations (FIEO) said that they have asked exporters to place their consignments or goods in the area that follows the Black Sea route. Ajay Sahai, Director General of FIEO, said that goods move through the Suez Canal and Black Sea to Russia, Ukraine and other Eastern European countries. How much impact this will have on trade will depend on the duration of the war, he said.

This is a big setback for business, Sahai said, as it was time to recover from the COVID-19 pandemic and businesses were recovering from it. Exporters are cautious in dealing with their business in that region. This fight will affect both the movement of goods, payments and oil prices.

Sharad Kumar Saraf, a Mumbai-based exporter, said the current crisis will impact the country's exports, as the West is imposing sanctions on Russia. The situation in Ukraine has worsened after Russian President Vladimir Putin announced a military operation in Ukraine, raising serious concerns over the possibility of a full-scale military confrontation between the two countries. After Putin's announcement, Ukraine's President Volodymyr Zelensky said that an 'aggression' could be the start of a "big war" in Europe.