Russia seeks medical equipment from India as war disrupts trade

by Bloomberg Apr 19, 2022

Russia is seeking more medical equipment from India after sanctions and logistical logjams following President Vladimir Putin’s invasion of Ukraine have sharply reduced imports from Europe and China.

Medical equipment companies from India and Russia will discuss ways to boost supplies during a virtual meeting on April 22, according to Rajiv Nath, a forum coordinator for the Association of Indian Medical Device Industry. The event was confirmed by Business Russia, a business group that promotes bilateral ties.

India is hoping to boost exports to Russia as the two nations work out a payment system in local currencies similar to one used during the Cold War to maintain bilateral trade as Moscow faces sweeping international sanctions. New Delhi has been criticized by the U.S. and its allies for buying more Russian oil after they sought to isolate Russia due to its war in Ukraine.

Currently, India is an insignificant player in the Russian market and hopes to increase exports this year almost 10-fold to 2 billion rupees ($26.2 million), according to Nath.