THE INDIAN BYPASS

SANCTIONS ON RUSSIA

- M.G. Arun

The sanctions imposed by the US and other nations on Russia in the aftermath of its invasion of Ukraine will not just hurt Russia but several other countries, including India, that have strong bilateral trade connections with the country. Trade between India and Russia stood at $9.4 billion or Rs 72,192 crore in the April-December 2021 period. Key imports include defence equipment, crude oil, mineral oils, agricultural products, coal, pearls, fertilisers and nuclear reactors.

India imported $2 billion or Rs 15,360 crore worth of crude oil from Russia between April and December last year. While there is no ban yet on the imports of crude from Russia, the issue is with the way payments are being made. A range of