BOMBAY, Apr 3:. The I Reserve Bank of India (RBI) said it has decided to settle all trade claims of Indian exporters for transactions with the former Soviet Union which collapsed in December 1991. reports Reuter.

An RBI, statements said this decision followed an agreement between India and the Russian federation on economic cooperation recently.

It said the BRI will settle four categories of deals completed before March 31, 1992. These cover goods shipped, payments due to Indian project exporters, money released by Soviet importers and payments due in non -trade deals.

The RBI said most exporters of goods to the former Soviet Union had been facing problems of payment after its collapse.

The Soviet Union was one of India's major trading partners until its disintegration.