Analysing impact of Ukraine crisis on India-Russia bilateral trade, says MEA 

The Government of India is analysing the impact of the ongoing conflict in Ukraine on the bilateral trade and economic cooperation between India and Russia after consulting all the stakeholders, Minister of State for External Affairs Meenakshi Lekhi told the Lok Sabha.

Lekhi further underscored that the sanctions on Russia imposed by various countries have had an impact on energy and commodity prices, while adding these sanctions can also impact global economy via disruption of supply chains.

“Many countries have imposed sanctions on Russia due to the conflict. These are expected to have an impact on the global economy, including through disruption of supply chains. Its impact on energy and commodity prices is already visible. We are in the process of analysing its impact on India-Russia bilateral trade and economic cooperation, in consultation with all stakeholders. India’s relations with Russia stand on their own merit,” Lekhi told the Lok Sabha.

Foreign direct investment (FDI) flow between India and Russia stood at $75.83 million from 2016-17 till 2021-22 (April-December) whereas the FDI flow between India and Ukraine stood at $4.96 million, as per the data from the Department for Promotion of Industry and Internal Trade (DPIIT) cited by Lekhi.

While the foreign trade between India and Russia stood at $10,826.69 million from 2021-22 (till January), the foreign trade between India and Ukraine was worth $2,871.69 million during the same period.

Besides bilateral trade between India and Russia, Lekhi also talked at length about India’s stand at the United Nations Security Council (UNSC) and UN General Assembly (UNGA) regarding the humanitarian crisis in Ukraine. She noted that India’s statements at the UNSC have talked about an urgent ceasefire and ensuring safe passage for stranded civilians.

“Our statements at the Security Council and the General Assembly have urged an urgent ceasefire and ensuring safe passage for stranded civilians. We have also highlighted the humanitarian assistance extended by India to Ukraine and its neighbours at this hour of crisis. We have reiterated at the highest levels of our leadership to all parties concerned that there is no other choice but the path of diplomacy and dialogue,” she told the lower house.

She also mentioned that 22,500 Indians, mostly students, came back from Ukraine since February 1. As many as 4,000 students came back via commercial flights before February 24. 

Around 18,500 Indians were evacuated after February 24 till date. 90 flights – 76 commercial flights and 14 Indian Air Force (IAF) flights—were operated under Operation Ganga aimed at repatriating Indians stranded in war-torn Ukraine back to their motherland. 

Lekhi noted that 40-50 Indians are still estimated to be present in Ukraine at present, of whom only few are willing to return to India, while adding that the Indian Embassy in Kyiv is facilitating their return.

Also read: 'Nothing short of a nightmare': Red Cross chief on Ukraine war

Also read: Chinese Foreign Minister Wang Yi to meet Indian counterpart S Jaishankar today

Also read: Possible nuclear disaster due to Ukraine crisis not envisaged: Govt