Kremlin exploring sourcing sensitive goods from India in face of Western sanctions: Report
Russian President Vladimir Putin and Indian Prime Minister Narendra Modi
A major UK national daily has claimed that Russia may be increasingly trying to source sensitive goods from India in the face of thousands of Western sanctions. The Financial Times has reported that the Kremlin is even exploring options to shift manufacturing facilities to India to have its supply chains stabilised and uninterrupted.
As per the report, India’s export to Russia of goods incorporating dual-use technologies, both military and civilian, has seen a drastic increase.
FT claimed that Russia’s industry and trade ministry had formulated a plan in October 2022 to invest over $1 billion to secure supplies of sensitive materials from non-Western channels. The plan earmarked India as an alternative market to source crucial goods “previously supplied from unfriendly countries”.
It focused on utilising massive reserves of Indian rupees that Russia has amassed by selling fuel at cheaper rates.
The FT report also claimedthat an Indian firm, named Innovio Ventures, supplied Russia with US$4.9 million worth of electronics, including drones via the Central Asian state of Kyrgyzstan.
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India, over the past two years, has imported Russian oil at discounted prices, while pointing out West’s hypocrisy that Europe was still buying energy from Russia despite imposing sanctions.
India’s foreign minister said last month that New Delhihad to buy oil from Moscowgiven the “tight energy market” and massive demand at home.
External Affairs Minister (EAM) S Jaishankar in Kyiv said, “India is a big oil consumer. It’s a big oil importer because we don’t produce oil. So, it’s not like there is a political strategy to buy oil. There is an oil strategy to buy oil. There’s a market strategy to buy oil… The fact that the market is tight, that today big suppliers like Iran and Venezuela, who used to supply India, are constrained from operating freely in the markets… This factor needs to be taken into account.”
India’s exports to Russia soared to $4 billion in 2023, registering a 40 per cent growth. The trend was largely driven by electronic goods.
(With inputs from agencies)