Analysts noted that the Russian Federation, in particular, bought sensitive dual-use electronics from India for “significant reserves” of Indian rupees.
Russia relies on India, Serbia and China to avoid Western sanctions. This was reported by the Institute for the Study of War (ISW).
Analysts recall information from the Financial Times (FT), citing sources from Russian government correspondence, that the Russian Ministry of Industry and Trade has developed a plan to spend nearly $1 billion on protecting the critical electronic components by October 2022, which reportedly includes the possibility of building facilities in India to access such components.
Russia has been secretly buying sensitive dual-use electronics from India with “significant reserves” of Indian rupees accumulated by Russian banks, thanks to increased oil sales in the country.
ISW has already seen signs that foreign companies and banks, including in China, are now more reluctant to conduct transactions with Russian actors for fear of secondary Western sanctions that could affect Russia’s attempts to avoid sanctions.
“Russia appears to be relying on several countries, including India, Serbia and the People’s Republic of China, as part of its efforts to avoid Western sanctions,” it said.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.