Coimbatore: Amid the ongoing Russia-Ukraine war, the Tirupur Exporters' Association (TEA) on Monday requested the intervention of Union Finance Minister Nirmala Sitharaman to immediately commence the rupee-rouble mechanism with Russia to receive export proceeds.

This will not only help MSMEs at this hour of crisis but also help to push exports, TEA president Raja M Shanmugham said in a letter to the Union minister.

The MSME units in Tirupur have been exporting knitwear garments to Russia and they were receiving payment in Euros and US dollars, which have now totally stopped as part of the sanctions to exclude Russian banks from the global payments system SWIFT, Shanmugham added.

Due to payments getting stuck, the MSMEs are facing operational difficulties and also their sustenance in the business is in question, he further said.

Published On : 26-04-2022

Source : The Economic Times