From UPSC perspective, the following things are important :
Prelims level : NA
Mains level : Facets of Indian Diplomacy
The government has convened a multi-Ministerial group to look into how to overcome challenges in trade with Russia, including managing payments for exporters and importers.
Recent course of updates
- Many parliamentarians have raised concerns over India’s abstentions at the United Nations and the impact of Indian policy on India’s trade and ties with the US.
- Developments indicate a possible revival of “rupee-rouble trade” in the wake of economic sanctions against Russian banks and entities by more than 40 US and European allies.
- India’s position has been “steadfast and consistent”, and India has repeatedly called for the immediate cessation of violence and end to all hostilities.
Gearing-up for a ‘Shaky’ response
- FM responded to a question over India’s support on sanctions being “somewhat shaky” amongst Quad partners.
- Leaders asked whether there would be any “negative impact” on India’s relations with its closest allies.
India’s clear stance
- Indian foreign policy decisions are made in Indian national interest and we are guided by our thinking, our views and our interests.
- So, there is no question of linking the Ukraine situation to issues of trade, the FM clarified.