Russia is reportedly relying on countries like India, Serbia, and the People’s Republic of China (PRC) in a bid to circumvent Western sanctions. According to a report by the Financial Times (FT) on September 4, leaked Russian state documents suggest that Russia’s Industry and Trade Ministry devised a plan in October 2022 to spend nearly $1 billion to secure critical electronic components, possibly through building facilities in India.
The documents reveal that Russia has been covertly acquiring sensitive dual-use electronics from India using “significant reserves” of Indian rupees, accumulated by Russian banks due to increased oil sales to India.
However, the full extent of Russia’s implementation of this plan remains unclear. Analysts suggest this is part of a broader strategy to evade sanctions and obtain necessary components for its defense industry through foreign partners.
On September 4, Russian President Vladimir Putin met Serbian Deputy Prime Minister Aleksandar Vulin at the Eastern Economic Forum (EEF) in Vladivostok. They discussed removing trade barriers to counteract a decline in bilateral trade. Vulin reassured Putin that Serbia would not impose sanctions on Russia or allow its territory to be used for anti-Russian activities.
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This comment may have been aimed at easing tensions following Serbia’s purchase of 12 Rafale jets from France, signaling Serbia’s move to diversify its arms suppliers away from Russia. Putin also expressed hope to meet Serbian President Aleksandar Vucic at the BRICS summit in Kazan in October 2024.
Additionally, Putin met with Chinese Vice President Han Zheng at the EEF, where they discussed strengthening economic cooperation between Russia and the PRC. Kremlin spokesperson Dmitry Peskov stated that Putin briefed Chinese officials about the results of his recent trip to Mongolia, which focused on increasing regional trade and cooperation with both China and Mongolia.
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However, there are growing signs that foreign companies and banks, including those in China, are becoming hesitant to conduct business with Russia due to fears of Western secondary sanctions.
This reluctance could be complicating Russia’s attempts to evade sanctions and maintain its access to critical technology and resources.
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