New Delhi has increased its energy purchases from Russia over the past three months, delivering substantial quantities of a variety of items in exchange. This is how the Western sanctions have brought Russia and India closer.
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The head of the Indian Center for Promotion of International Initiatives, Rishabh Sethi, told the media on the sidelines of the Eastern Economic Forum in Vladivostok that trade and economic collaboration between Russia and India have been expanding quickly despite and in part because of the Western sanctions.
“Over the past 75 years, Russia and India have been developing cooperation, and this year we have broken all the previous records of business and trade relations,” he said.
Sethi added that New Delhi has increased its energy purchases from Russia over the past three months, delivering substantial quantities of a variety of items in exchange.
“India is one of the world’s largest manufacturing hubs, which can provide Russia with pharmaceuticals, automobiles, and spare parts, as well as technology, software, IT, and other products,” he said, adding that India is a nice substitute market for Russia in terms of importing goods.
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According to Sethi, “I feel like there is not much effect of any sanctions between the relations of our countries.” In fact, the sanctions have brought Russia and India closer together.
He pointed out that the two nations had effectively built a system for exchanging settlements in rubles and rupees. Trade in the currencies of the two countries has grown. In bilateral trade, Moscow and New Delhi are not required to use dollars or euros; “we can pay with our local currencies, including the Chinese yuan,” he stated.
“That is a big benchmark to stop full hegemony of the US dollar and the euro. So, this is like an example for the whole world to promote their own currencies in terms of business and trade development.”