Explain the impact on India-Russia relations of the sanctions imposed by Western countries on Russia following the invasion of Ukraine, and discuss how India has balanced its position in this situation.
Answer:- Western sanctions on Russia following the Ukraine invasion have profoundly impacted India-Russia relations, creating both significant opportunities and severe challenges.
Economic Opportunities and Challenges
- Energy Windfall: Economically, India capitalized on the availability of discounted Russian crude oil, which skyrocketed to become its largest source, helping to curb domestic inflation.
- Payment Hurdles: However, this energy boom was hampered by formidable payment challenges. As Western financial sanctions crippled the SWIFT system, the much-touted Rupee-Rouble alternative floundered due to a significant trade imbalance, compelling a reluctant reliance on third-country currencies to sustain trade.
Strategic and Defence Implications
- Defence Partnership under Strain: ....
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UPSC
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