Leaked documents reveal India and Russia developed secret trade links, FT reports

Russia and India developed covert trade links so the Kremlin could acquire components needed for its war effort, the Financial Times reported on Sept. 5.

Citing Russian state correspondence seen by the outlet, the Kremlin's industry and trade ministry acquired critical electronics, and explored the possibility of building facilities in India to produce them.

The documents show the plan was to be financed by "significant reserves" of rupees amassed from oil sales to India, and would source goods "previously supplied from unfriendly countries."

The FT says it is not clear how much of the plan was enacted, but trade data suggests a deepening relationship between the two countries in the goods mentioned in the leaked documents.

A historical ally of Russia, India has maintained its close economic and diplomatic ties with Moscow since February 2022, with bilateral trade reaching a historic high in 2023.

India overtook China as the world’s largest importer of Russian oil in July as Chinese refiners bought less due to lower profit margins from fuel production, Reuters reported on Aug. 22, citing a comparison of import data.

At the same time, India has been developing its relationship with Ukraine, with Prime Minister Narendra Modi visiting Kyiv last month, the first time an Indian prime minister set foot in Ukraine since diplomatic relations were established over 30 years ago.

Modi's visit to Ukraine came just weeks after his trip to Moscow, where he met with Russian President Vladimir Putin.

The visit included a widely criticized hug between the two leaders on July 8, hours after Russia bombed the Okhmatdyt children's hospital in Kyiv, killing two people.

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