India Potash's rouble-rupee payment deal stumbles in Russian bank

26 July 2024

Russia's Sberbank has yet to process the first payment from Indian Potash Ltd. under a deal set up before the Ukraine war to enable Indian Potash Ltd. to pay for Belarusian potash using rupees rather than dollars.

Indian Potash Ltd. made its first payment of 1.77 billion Indian rupees to the Sberbank branch in India after setting up an account, according to an Indian Potash Ltd, letter addressed to the chief executive of Sberbank in India, Ivan Nosov.