India's rising role in supplying tech to sanctioned Russia
According to Bloomberg reports, India has risen to second place in the ranking of suppliers of sanctioned technology to Russia, with China in first place.
India's export of controlled technologies, such as microchips, has significantly increased. In April and May, the value of these exports exceeded 60 million dollars (45 million pounds), nearly doubling compared to the previous months of this year. In July, this value rose to 95 million dollars (72 million pounds), placing India just behind China in terms of the volume of supplies.
Significant role in the Russian military industry
According to Bloomberg's sources, nearly 20% of sensitive technology used in the Russian military industry has been sourced through India.
India, along with Malaysia and Thailand, has joined the ranks of countries such as Turkey and the United Arab Emirates, which have long served as transshipment hubs for goods destined for Russia.
“India’s role in the the shipment of such goods has presented a further challenge because US and EU policymakers want to nurture partnerships with Prime Minister Narendra Modi’s government even as he cultivates ties with Putin. India has also emerged as a top buyer of Russian oil despite allied efforts to restrict sales,” reported Bloomberg.
Key economic factors
Officials highlight that a critical factor in this development is the substantial reserves of Indian currency that Russia has accumulated through oil sales.
In July, US Deputy Treasury Secretary Wally Adeyemo sent a letter to the Confederation of Indian Industry, warning Indian companies and banks about the risk of sanctions linked to cooperation with the Russian defence sector, according to a copy of the letter obtained by Bloomberg.
It's worth recalling that, according to unofficial information, India was reportedly aiding Russia in evading sanctions, including those concerning sensitive goods.
