New Delhi Feb 24 PTI The Russia-Ukraine military conflict will have an implication on the countrys trade as it would affect movement of consignments payments and oil prices according to exporters The Federation of Indian Export Organisations FIEO said they have asked exporters to hold their consignments to the region or goods that take the Black Sea route To Russia Ukraine and other eastern European countries goods move from the Suez Canal and the Black Sea FIEO Director-General Ajay Sahai said He added that the quantity of impact on trade will depend on the duration of the war This is a major setback to trade as it was recovering from the COVID-19 pandemic Exporters are cautious in dealing with their trade in that region The war will affect both movement of goods payments and oil prices Sahai said A Mumbai-based exporter Sharad Kumar Saraf said the current crisis will affect the countrys exports as the West is imposing sanctions on Russia The situation in Ukraine deteriorated after Russian President Vladimir Putin announced a military operation in Ukraine triggering serious concerns over the possibility of a full-scale military confrontation between the two countries Following Putins announcement Ukrainian President Volodymyr Zelensky said an invasion could be the beginning of a big war in Europe Bilateral trade between India and Russia stood at USD 94 billion so far this fiscal against USD 81 billion in 2020-21 Indias main imports from Russia include fuels mineral oils pearls precious or semi-precious stones nuclear reactors boilers machinery and mechanical appliances electrical machinery and equipment and fertilisers While major export items from India to Russia include pharmaceutical products electrical machinery and equipment organic chemicals and vehicles Indias bilateral trade with Ukraine stood at USD 23 billion so far this fiscal as against USD 25 billion in the last fiscal Main items of Indian import from Ukraine are agriculture products metallurgical products plastics and polymers etc while pharmaceuticals machinery chemicals and food products etc are the major Indian exports to Ukraine FIEO Vice-President Khalid Khan said that if the military operations continue for long time it will have serious implications for exports to and imports from that region Oil and gas prices will zoom there could be payment delays for traders he said Stock markets were awash in red and the Indian currency slumped against the dollar on Thursday amid Russias attack on Ukraine pushing investors to seek refuge in safe-haven assets PTI RR HRS hrs

Srinagar (Jammu and Kashmir) [India], December 11 (ANI): A 'District as Export Hub' promotion training program was organised on Friday for training young entrepreneurs in Jammu and Kashmir's Srinagar district on how to export their products in the international market.