New Delhi is developing a payment mechanism to settle trade amid sanctions against Moscow for invading Ukraine.
Simultaneously with the introduction of the fifth package of sanctions against Russia and increasing pressure on Moscow, India is developing plans to circumvent Western restrictions, continue trade relations with Russia and resolve financial issues. Referring to the statements of the Indian Foreign Ministry, Reuters reports.
Officially, India called for an end to violence and war in Ukraine, but refrained from directly condemning Russia's actions. Not the least role in this was played by long-standing political and security ties between the countries.
“We have established economic relations with Russia. Given the current circumstances after the events in Ukraine, I think that both sides are working to ensure that these economic relations remain stable,” said ministry spokesman Arindam Bagci during a news conference. style = “text-align: justify;”> Read also: Japan demands from India a clear position on Russia's attack on Ukraine
The Foreign Ministry assures that it is not a question of increasing or deepening relations between the countries, but only of stabilizing the current situation. Even before the war in Ukraine, oil imports to India were insignificant, due to the high cost of transporting raw materials. However, against the background of European sanctions, Russian oil has fallen significantly. This fact has prompted Indian refineries to order at least 16 million barrels of raw materials in the last month and a half. The volume of this year's order is equal to the total amount of fuel purchased in Russia for the whole of 2021.
The United States has already commented on India's economic policy on energy imports from Russia.
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“Friends do not set red lines”, – said the US Deputy National Security Adviser on International Economics. However, he called for “reducing its dependence on an unreliable energy supplier.”
