Imbalance in Russia-India trade & US sanctions have meant Russia is accumulating rupees it can’t use. At stake could be a significant part of India’s imports from Russia.
During a conversation at the Council on Foreign Relations on Tuesday, Jaishankar said that Russia’s relationship with Europe and the West has been 'severely disrupted'.
In January-May this year, Belarusian roubles accounted for 43% of VTB's soft currency cross-border transfers, followed by the Kazakh tenge with 39% and the yuan with 14%.
Trade between India and Russia has surged since the West imposed sanctions against Russia for its invasion last year of Ukraine, which has altered flows of oil and other goods.
Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products competitively to Europe and take bigger market share.
External Affairs Minister S. Jaishankar met Russian Deputy PM Denis Manturov and Foreign Minister Sergey Lavrov during his two-day visit to Moscow – first since the war began.
The US and its G7 nations aim to prevent Russia from profiting from oil after its invasion of Ukraine while ensuring that most of its oil continues to flow to global markets.
The graduation is meant to bolster the legacy and legitimacy of Sheikh Hasina's Awami League, even as the real-world preparedness lagged behind the glossy narrative.
Once acquired by IAF, the medium transport aircraft (MTA) will replace both AN-32s and IL-76s, it is learnt. The idea behind the revamp is to meet modern operational needs.
It is a brilliant, reasonably priced, and mostly homemade aircraft with a stellar safety record; only two crashes in 24 years since its first flight. But its crash is a moment of introspection.
COMMENTS