Russia’s pretense of trading with India by circumventing sanctions

INVESTIGATION – Payments and supplies between Russian and Indian companies have taken a tortuous path amid fears of American reprisals.

New Delhi

One day in May, somewhere in India, an entrepreneur is contacted by an Indian agent. Out of nowhere, the man says he’s offering his services so that the middle-class boss can continue exporting to Russia. “To the invasion of Ukraine, I have decided to stop selling to my clients who are part of a Russian conglomerate. I have interests in the United States and I don’t want to risk lawsuits there‘ says this leader, who wishes to remain anonymous in order to spare his ties with his Russian interlocutors despite everything.

This agent was hired by my Russian client and he offered me two ways to circumvent western sanctionsthe businessman continues. Plan A: He tells me that he can buy my goods in rupees, pay in advance and collect the freight at the factory. Not having the means to advance the money, the Russian client will make a transfer in rubles to an account of the Russian bank Sberbank in New Delhi. Sberbank then goes…

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