Study The Impact of Sanctions: The government is assessing the economic impact of international sanctions on Russia on India. For this, an inter-ministerial group has been constituted under the leadership of the Finance Ministry. The Ministry of External Affairs spokesperson said that India’s effort is to maintain stability in India’s trade with Russia and there should be no effect of sanctions. Let us tell you that Russia has reduced its imports amid the ongoing tension with Western countries and the ongoing dispute over Ukraine issue. In such a situation, its business with India has also been affected. India and Russia have set a target of taking bilateral trade to $30 billion by 2025. Along with this, it has also been decided to increase the investment to 50 billion dollars.
Assessment of the impact of sanctions on Russia on India
Statistics show that since 2013, there have been signs of reduction in mutual trade between the two countries. It had improved during 2017-2018. In the year 2019, bilateral trade with India was about 10 billion dollars. Significantly, Russia is facing many global sanctions amid the war with Ukraine. Earlier in the first week of April also, India had made it clear that its focus was to maintain and stabilize its established economic ties with Russia.
Many countries including America have imposed sanctions on Russia
There is a continuous war between Russia and Ukraine since 24 February 2022. India has refrained from directly criticizing Russia for the Ukraine war, although PM Modi has taken the initiative several times for talks in the direction of peace between the two countries. The same US has been trying to put pressure on India for not criticizing Russia directly. Let us tell you that after the start of the war, many countries including America have imposed many tough sanctions on Russia.
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