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October 12, 2024India has become the second-largest supplier of critical technologies to Russia.
Indian exports to Russia of goods such as microchips, circuits, and machinery exceeded $60 million in April and May, which is roughly double the value of the previous months of the year. In July, exports surged to $95 million. The only country surpassing India in this regard is China.
“Western envoys raising this issue aren’t receiving much of a response from their Indian counterparts,” the publication states.
Officials report that nearly one-fifth of the “sensitive technologies” entering Russia’s military-industrial complex come via India. Along with India, other key hubs for re-exports to Russia, such as Malaysia and Thailand, are also growing.
The agency notes that India has also become the largest buyer of Russian oil.
“A key factor in this shift is the massive stockpile of rupees that Russia has accumulated through oil sales,” Bloomberg writes.
At the same time, pressure on India poses a challenge for the West, as “U.S. and EU policymakers want to develop partnerships with Prime Minister Narendra Modi’s government, while he strengthens ties with Putin.”
Nevertheless, several Indian firms have been subjected to Western sanctions, and in July, U.S. officials sent a letter to Indian industrialists warning of “sanction risks.”
Earlier, the Financial Times reported that Russia has been secretly purchasing dual-use goods from India, including electronics necessary for its military operations.