Indian businesses see new opportunities as EU tightens sanctions on Russia, says IBA

EU sanctions bans export of many items, including sanitaryware, to Russia

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The latest package of European Union's sanctions on Russia has opened new opportunities for Indian business in boosting bilateral trade, Moscow-based Indian Business Alliance said on Monday.

The Council of the European Union on October 23 adopted the 19th package of further individual listings and numerous economic restrictive measures, including energy, finance and the military industrial complex, targeting key sectors which fuel what it termed as “Russia's illegal invasion of Ukraine”

‘The Indian Business Alliance (IBA), ina statement, said: “The EU sanctions against Russia have had an unexpected effect — instead of weakening the Russian economy, they have spurred local production and innovation. Russian industries have responded dynamically, filling the gaps left by the withdrawal of Western compani