"Extra Efforts" Needed To Overcome Payment Method Hurdle: Russian Envoy

Denis Alipov, Russian Ambassador to India, said that the Vostro trade settlement mechanism (Rupee payment) did not work well.

Aiming at strengthening economic ties with India, Russia's envoy to India on Monday said payment problems hinder trade and there is a need for "extra efforts" from banks and exporters to overcome this hurdle.

Denis Alipov, Russian Ambassador to India, said that the Vostro trade settlement mechanism (Rupee payment) did not work well.

"Some extra efforts are needed by companies and banks to explore the conditions," he said.