India wants to do business with Russia despite sanctions

Vladimir Putin, Narendra Modic

Russia is India’s most important arms supplier. Indian Prime Minister Narendra Modi reaffirmed his “special strategic partnership” with Vladimir Putin.

(Photo: imago images/Hindustan Times)

Bangkok While Western companies gave Russian oil a wide berth given the Ukraine war, there were no objections in India. Indian Oil, the largest state-owned mineral oil company in the subcontinent, recently ordered three million barrels, as announced earlier in the week. Shortly before the start of the Russian invasion, the New Delhi-based refiner had resumed buying Russian oil after a two-year absence.

The government in Moscow has reason to hope that the recent supply agreement will turn into a long-term deal. Unlike Europe and America, India sees no reason to cut ties with Russia.

On the contrary: representatives of the two countries appear to be working to deepen trade relations – and are preparing the payment mechanisms they want to use to protect themselves from sanctions from the West.

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