January 28, 2023

Russia’s requests were made weeks ahead of Indian Foreign Minister Subrahmanyam Jaishankar’s visit to Moscow starting November 7, two of the Indian sources said. It wasn’t immediately known what Delhi had communicated to Russia during this visit.

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Prime Minister Narendra Modi’s government has not joined Western countries in openly criticising Moscow for the war in Ukraine, and has sharply increased purchases of Russian oil that have cushioned it from some of the impact of sanctions.

Jaishankar, during his Moscow visit, stated that India should increase exports towards Russia to balance bilateral trade which is currently tilted toward Russia.

He The visit was attended by top officials responsible for agriculture, petroleum and natural gases, ports and shipping and finance.

Some vital products have been cut off by sanctions from the West.

Parts are in short supply for airlines due to the fact that almost all planes are made abroad. Parts for cars are in high demand as global automakers have left the market.

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A source in Russia’s car sales industry said the trade ministry had sent a list of car parts needed to corresponding ministries and state agencies in other countries, including India.

Nearly 14 pages of Russian items are listed. They include parts for car engines like pistons and oil pumps, as well as ignition coils. Also, there is a demand for bumpers.

Russia requested 41 items for aircraft and helicopters. These included landing gear components, fuel systems and communication systems as well as fire extinguishing and fire extinguishing system, life jackets, and aviation tyres.

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According to Reuters, the list also included raw materials for producing paper, paper bags, and consumer packaging, as well as materials and equipment used to produce textiles (yarns and dyes).

Russian metals producers, including Nornickel, the palladium and nickel giant, have claimed that Western sanctions and self-sanctioning from some suppliers have made it difficult to import equipment, spare parts and technologies into 2022. This poses a problem for their development programs.

Nearly 200 items are included in this list.

Russia has been India’s largest supplier of military equipment for decades and it is the fourth-biggest market for Indian pharmaceutical products.

India is trying to balance its trade with Russia as oil and fertilizer shipments are increasing rapidly, according to the first Indian government source.

Imports from Russia by India have increased nearly five-fold to $US29 Billion between February 24th and November 20. This compares with $US6 Billion in the same time period last year. The source also said that exports fell to $US1.9 billion from $US2.4 trillion.

India is hoping to boost its exports to nearly $US10 billion over coming months with Russia’s list of requests, according to the government source.

Some Indian companies are hesitant to export to Russia because of fears of sanctions from the West, a lack of clarity about payments and difficulties in securing insurance.

“There is a hesitancy among exporters … particularly on sanctioned items,” said Ajay Sahai, director general of the Federation of Indian Export Organisations (FIEO), a body supported by India’s commerce ministry.