Reuters reveals India asked by sanctions-hit Russia for parts for key sectors

HomeFinancial

Reuters reveals India asked by sanctions-hit Russia for parts for key sectors

An article recently published by Reuters has confirmed that sanctions-hit Russia has requested parts from India to cope with shortages in key sectors.

Win or bust for Bangladesh and Pakistan, but even full points might not do
Mongia, Maninder, Ratra, Das apply for India selector post
Injury scare for Rohit Sharma during nets ahead of the semi-final against England

An article recently published by Reuters has confirmed that sanctions-hit Russia has requested parts from India to cope with shortages in key sectors. According to the report, the Russian requests included metals, components for cars and petrochemical products.

Though the request was confirmed by Russian representatives, the Indian government has yet to issue an official response.

The sanctions imposed on Russia by the United States and the European Union, in response to its annexation of Crimea and support of separatists in Ukraine, has resulted in a sharp decrease in Russia’s access to advanced Western hi-tech components and raw materials.

This, in turn, has hampered the efficiency of several key sectors such as defense, petrochemicals, aircraft and auto-component industries.

Analysts believe that though India is making a move for closer diplomatic ties with Russia, it is unlikely to get itself embroiled in any sanctions-related disputes and would rather capitalize on the situation.

They suggest India could use this as an opportunity to increase its exports to a growing market as well as develop its technological base. India is already working on defense deals and joint projects with Russia, thus furthering its economic ambitions.

Thus, though the request is still waiting for a response from India, India is likely to seize this chance to further its interests.

However, the India government will be carefully evaluating whether establishing close economic ties with Russia amidst the sanctions will affect is own international standing adversely.

At the same time, the Indian government will also have to consider the domestic elements such as the level of disruption that would be experienced by its organizations before it responds to the request.

Nevertheless, this development shows that India-Russia ties are only growing stronger.

India requested vital components from Sanctions-hit Russia

Reuters has reported that India has requested components from Russia which are vital to help drive the key sectors in India.

The two countries are exploring workarounds to help India get the parts it needs to keep its important sectors running. In addition, both have agreed to support each other to ensure steady progress even in the face of sanctions imposed by Western nations.

The Details

India’s reliance on components from Russia is unfortunately causing uncomfortable problems for both countries, as Russia is currently under sanction from several Western nations. However, India is arguing that these components are necessary for its progress and thus is looking for different ways to get around the sanctions.

A couple of key details about India’s request to Russia are as follows:

  • Progress: India and Russia are working together to make sure that the economically important sectors of India can continue to make steady progress despite the sanctions.
  • Components: India has requested components from Russia which are necessary to keep the crucial sectors of India functioning.
  • Workarounds: Both India and Russia are looking for ways to get around the sanctions imposed so India can get the components it needs.

Conclusion

As reported by Reuters, India has requested components from Russia for some of its vitally important sectors. This has caused a complicated situation for both countries due to the sanctions imposed on Russia by several Western nations. However, India and Russia have agreed to support each other to ensure progress in spite of the sanctions and are looking for ways to get around them so India can get the needed components.

COMMENTS

WORDPRESS: 0
    DISQUS: