India has become Russia’s second largest supplier of critical sanctioned technology, such as microchips, microcircuits and machine tools, informs Bloomberg with reference to the statements of American and European officials.
According to the publication, the volume of Indian exports of these technologies to Russia has increased significantly, exceeding 60 million dollars in April and May, which is twice as much compared to the previous months of this year. In July, this figure reached 95 million dollars. According to this indicator, India is inferior only to China.
Officials note that about a fifth of the sanctioned technologies used in the Russian military-industrial complex are supplied through India. Due to sanctions on the direct export of dual-use goods to Russia, the country is forced to buy them through third countries, often using subsidiaries of Western firms or networks of intermediaries.
As Western allies try to limit such supply channels through Turkey and the UAE, new hubs are emerging, including India, Malaysia and Thailand. One of the factors in the growth of cooperation with Russia is the large reserves of rupees accumulated by Russia from the sale of oil.
With this in mind, India has become the object of attention of EU and US sanctions agencies. In July, US Deputy Treasury Secretary Wally Adeyemo addressed Indian industry representatives, warning of the risks of sanctions for companies and banks that cooperate with the Russian defense sector.
