India: Russian Cos Consumers Turn to India as Western Brands Pull the Plug
Due to the conflict and sanctions, many European and American brands have stopped supplying their products, including consumer electronics and clothing, to Russia.
“A lot of Russian companies have approached but there are apprehensions on both sides especially about payment,” an official said.
Yandex Market, involved in imports, logistics, customs clearance, storage and distribution of goods, explores sourcing opportunities for clothing and fashion, toys, bed linen, home decor, textile fabrics, consumer electronics, articles kitchenware, tea and leather goods from India, according to an industry source.
“Yandex Market is exploring various global sourcing opportunities from early 2022,” the company responded to an email query from ET. “Currently, we continue to focus on this flow, aiming to provide Yandex Market customers with a unique assortment and to open the Russian market to brands from all over the world, including from India,” he added.
Food retailer X5 told ET that it wants to expand its cooperation with Indian suppliers of beverages, seafood, tea, coffee, chicory, rice, canned food, kitchenware and fresh grapes, among others.
“X5 representatives will be visiting India in April last week,” an X5 Group representative said in an email response. Another official said e-commerce major Ozon had expressed interest in branding Indian goods.