In a recent report by the Financial Times, it was revealed that Russia and India have been forging covert trade links to support the Kremlin’s war efforts. The Kremlin’s industry and trade ministry acquired critical electronics through these trade links, with plans to build facilities in India to produce them. The financing for this endeavor was to come from reserves amassed from oil sales to India, enabling the sourcing of goods from more favorable sources.
While the extent of the implementation of this plan remains unclear, trade data suggests a growing relationship between Russia and India in the mentioned goods. India, historically aligned with Russia, has seen a surge in bilateral trade, overtaking China as the world’s largest importer of Russian oil.
Moreover, India has been strengthening ties with Ukraine, evidenced by Prime Minister Narendra Modi’s recent visit to Kyiv. This visit followed his trip to Moscow where he met with Russian President Vladimir Putin, sparking controversy with a symbolic hug amidst geopolitical tensions. The evolving dynamics between these countries showcase the intricate diplomatic and trade relationships shaping the global landscape.
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