new Delhi: Western countries have imposed heavy economic sanctions on Moscow following its invasion of Ukraine, while Russia on Wednesday said the sanctions would not affect the supply of S-400 missile systems to India.
Addressing the media, the designated Russian Ambassador Denis Alipov also mentioned a bilateral mechanism to trade in national currencies.
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“With respect to the S-400 deal, rest assured that it will not be affected in any way. It is 100 percent certain … With regard to overall trade and economic cooperation, we will see what will be the final impact of those severe sanctions that is being imposed,” Alipov was quoted in a PTI report.
In the past few days, Western countries have imposed tough sanctions on Russia after the military attack on Ukraine.
In October 2018, despite warnings from the Trump administration that proceeding with the contract may invite US sanctions, India entered into an agreement with Russia for USD 5 billion to buy five units of the S-400 air defense missile systems. The deal was signed.
Russia has already started supplying key defense equipment to India.
Asked whether sanctions by the US and its allies would affect bilateral trade, Alipov said it would largely depend on the readiness of “Indian partners” to continue engagement.
“We have bilateral mechanisms and means to trade in national currencies. Much will depend on the readiness of the Indian partners to continue trading as some of them are more cautious about their exposure to the US and European markets,” he said. said. As reported in PTI.
Responding to a question whether Western sanctions and the conflict in Ukraine would affect the supply of key defense equipment to India, Alipov said mechanisms exist to reverse the impact of sanctions.
“Russia has always risen from the ashes. It will rise again. There is no doubt about it. We have taken steps to protect ourselves,” he said.
“Our economy is stable and I am confident that we will cope with the pressure that we are experiencing and will experience in the future,” said the designated Russian ambassador.
“As far as bilateral trade in defence is concerned, we have a mechanism of cooperation and transactions independent of the Western mechanism,” he said.