India Trying to Stabilise Economic Transactions With Russia

The Foreign Minister of India, Subrahmanyam Jaishankar has said that the government of India is working to stabilise economic transactions with Russia. He told lawmakers in the Parliament that Russia continues to be a critical economic partner and efforts were underway to stabilise economic transactions between India and Russia. 

According to official sources, the Government of India has also been trying to establish a rupee-rouble trade system. Russia is India’s main supplier of defence hardware but overall annual trade is small averaging about $9 billion in the past few years, which includes mainly fertilisers and some oil.

While the other Quad countries including the United States, Japan and Australia have imposed sanctions on Russian military entities and people, however, India has yet not imposed any sanctions on its biggest supplier of military hardware. 

S Jaishankar further said, “This is our principle stand and has consistently guided our position in the international forums and denotes, including the UN,”  adding that no solution can be arrived at by shedding blood and at the cost of innocent lives.