Russia is seeking to import more medical equipment from India amid sanctions imposed by western countries on Moscow due to its invasion of Ukraine, as per a report by Bloomberg. This comes after Russia's trade with China and European countries witnessed a sharp decline.
Rajiv Nath, a coordinator for the Association of Indian Medical Device Industry, said that companies engaged in the supply of medical equipment in India and Russia will hold a virtual meeting on 22 April to deliberate on ways to expand trade ties.
The meet was also confirmed by a group in Moscow named Business Russia, which focuses on boosting bilateral relations.
'India Plans to Boost Exports to Russia by 10 Times'
Speaking on the potential of India-Russia trade relations, Nath said that India plans to boost its exports to Russia in 2022 by almost 10 times to reach $26.2 million, as per Bloomberg.
This comes amid reports that New Delhi and Moscow were attempting to work out a payments mechanism that would involve paying for commodities in currencies apart from the United States (US) dollar.
The decision was taken to surpass sanctions applied by the US and other western countries on Russia.
India has been criticised for not only maintaining its trade ties with Russia, but also increasing its import of oil from the country amid Moscow's actions in Ukraine.
New Delhi's exports to Moscow are currently almost negligible, and the former is an economically insignificant country in the Russian market.
(With inputs from Bloomberg.)
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