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Source: The post is based on the article “Old friends: on Russia-India bilateral ties and the Ukraine issue” published in The Hindu on 20th April 2023.
Syllabus: GS – 2: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests..
Relevance: About the visit of the Russian Deputy Prime Minister.
News: Recently, the Russian Deputy Prime Minister visited India and participated in the India-Russia Inter-governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation meeting.
What are the key discussions held during the recent visit of the Russian Deputy Prime Minister?
-Bilateral trade went up by 2.6 times in the past year and surpassed the 2025 target.
-Both countries demanded more market access and the use of “national currencies” to circumvent sanctions.
-Russia demanded that Indian companies could increase exports in road construction and pharmaceuticals.
-They also referred to progress in negotiations for an FTA between India and the Eurasian Economic Union.
Both countries acknowledged that India-Russia ties are among the “steadiest of the major relationships of the world”.
| Read more: India, Russia agree to deepen trade and economic relations |
About India-Russia ties during the Russia-Ukraine crisis
Since Russia’s war in Ukraine began, western sanctions have drastically cut Russian exports. Hence, Russia has increasingly joined with countries like India and China which do not join the sanctions to export resources. For example, India’s oil imports from Russia have jumped from a negligible 0.2% since the war to a massive 28% of India’s total oil intake.This gave a rise to Western accusations that India is “benefitting from the war”.
| Read more: China – Russia relations and its implications on India – Explained, pointwise |
What should be done?
India must make its stand against the war clear. India can go behind the original reason for the current turmoil and its global economic impact.
