How is India supporting Russian economy after Ukraine invasion?

Russian Economy amid Sanctions | In March 2022, Russia announced a military operation in Ukraine, after this move, the whole world was divided into three parts. There was a group of countries who strongly opposed the Russian invasion of Ukraine and announced the break of all economic relations with it, the second group stood in support of Russia and the third one opposed the war but supported Russia by continuing trade.

The names of all these countries have been revealed in the New York Times report. The truth has come to the fore, it has been learned that countries like India, China, and the Netherlands have increased trade with Russia manifold for their own interests, ignoring the atrocities of Russia in Ukraine. Because of this, the strategy of putting pressure on Russia by imposing economic sanctions failed badly.

Now, look at the shocking figures-

The New York Times has collected data on countries doing business with Russia and compared the situation before the war and now-

Russia's trade with these countries increased after Ukraine Invasion

• India 310 percent
• Turkey 198 percent
• Brazil 106 percent
• Belgium 81 percent
• China 64 percent
• Spain 57 percent
• Netherlands 32 percent
• Japan 13 percent

Also Read: Cost of War: How much Russia spending each day on war with Ukraine?

Russia's Trade with countries before the war

• China- $9.2 Billion
• Germany- $5 billion
• US- $2.3 billion
• Japan- $1.5 billion
• UK- $1.6 billion
• Netherlands- $1.5 billion
• South Korea- $1.8 billion
• India- $817 million

Russia's import before Ukraine Invasion

• China- $4.3 billion
• Germany- $2.3 Billion
• South Korea- $648 million
• US- $512 million
• Netherlands- $506 million
• Japan- $488 million

Russia increased imports from these countries after the war

• China +24 Percent
• Turkey + 113%

Russia's exports before Ukraine Invasion

china- $4.9 billion
Germany- $2.7 billion
Turkey- $1.8 Billion
US- $ 1.8 billion
UK $1.3 Billion
South Korea- $1.2billion
Netherlands- $1 billion
India- $598 million

Export to these countries increased after the Ukraine invasion

• India +430%
• Turkey +213 %
• Belgium +130 %
• China + 98%
• Japan +40%
• Netherlands +74%
• Spain+112%
• Brazile +166%

What are the things that are supporting the Russian Economy amid sanctions?

• After Russia's invasion of Ukraine, China and Turkey deepened relations with Russia.
• The value of Russia's exports appears to be increasing instead of decreasing.
• Many countries of the world depend on Russia for food items such as wheat and staples. Inflation is increasing due to rising oil prices around the world. In such a situation, doing business with Russia has become a compulsion for small countries.
• At the same time, Russia is looking for new allies and is succeeding.
• The US has stopped buying Russian oil and the UK will reduce its dependence on Russia for oil by the end of the year. But both countries were not such big buyers of Russia even before.
• Russia's state-run energy giant Gazprom reported a profit in the middle of this year.
• The IMF has also lowered the estimate for Russia's economy to shrink by 6 percent to 3.4 percent.
• After the Ukraine war, China and India supported the Russian economy, as both countries started buying crude oil at a discount rate.
• Now countries like Saudi Arabia, Iraq, and Angola are selling oil to Europe, while Russia is to India and China.
• The world is still dependent on Russia for many things, whose trade has not been closed. For example, car companies around the world depend on palladium and rhodium from Russia.

The government of India was facing the crisis of inflation in the country due to poor economic policies, if the government did not buy oil from Russia, then the inflation in the country would have increased further. However, still, the price of petrol, diesel, and food items are skyrocketing in India. The government is filling its treasury by buying cheap oil from Russia but is not giving any benefit to the public.

Also Read

Environmental Cost of the Russia-Ukraine War 

How does war between Russia-Ukraine affect India?

Countries that supported Russia against Ukraine

Russia Ukraine war could last for years, warns Nato chief

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