India seeks to stabilise economic transactions with Russia while condemning Ukraine killings
- New Delhi has repeatedly called for an end to violence in Ukraine, but has abstained from UN resolutions on the war as it balances ties with Moscow and the West
- Russia is India’s main supplier of defence hardware but annual trade is small – mainly fertiliser and some oil; wants to establish a rupee-rouble trade system
India’s foreign minister said on Wednesday the government is working to stabilise economic transactions with Russia, a day after India condemned killings of civilians in Ukraine and called for an independent probe.
S Jaishankar told lawmakers in the Parliament that Russia continues to be a critical economic partner and efforts were under way to “stabilise economic transactions between India and Russia.”
Russia is India’s main supplier of defence hardware but overall annual trade is small, averaging about US$9 billion in the past few years, mainly fertiliser and some oil. Official sources earlier stated that the Indian government has been looking to establish a rupee-rouble trade system.
On Tuesday India’ permanent representative to the United Nations, told a meeting of the Security Council that India condemned the killings of civilians in Ukraine’s Bucha and called for an independent investigation.
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China says ‘no limits’ in cooperation with Russia
Moscow has denied targeting civilians.
New Delhi has repeatedly called for an end to violence in Ukraine, but has abstained from various UN resolutions on the war as it balances its diplomatic ties with Moscow and the West.