Opportunistic Tide: How EU Sanctions on Russia Favor Indian Trade
The latest EU sanctions on Russia have unexpectedly opened avenues for Indian businesses, fostering a record USD 68.7 billion trade. With Western firms pulling out, Indians have filled market gaps, especially in pharmaceuticals and consumer goods, forging stronger Russian ties amid growing geopolitical tensions.
- Country:
- Russia
The recent European Union sanctions on Russia have created new horizons for Indian trade, according to the Moscow-based Indian Business Alliance. The fresh wave of sanctions, formalized on October 23, targets Russia’s energy, finance, and military sectors, intending to curb what the EU labels as Russia's illegal invasion of Ukraine.
Responding swiftly, Russian industries have plugged gaps left by departing Western entities, paving the way for increased collaboration with nations like India. This bilateral trade has reached a substantial USD 68.7 billion, underscoring the flourishing economic rapport.
Indian firms are capitalizing on this shift, significantly bolstering exports in engineering goods, machinery, and pharmaceuticals. The IBA continues to champion these developments, fostering partnerships and logistical support to strengthen Indo-Russian cooperation amidst evolving global economic challenges.
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