India will suffer consequences for trade in Russian currency: US

INDIA: The United States has warned India that if it trades with Russia in Russian currency or rupee, it will suffer the consequences.

According to Indian media, Daleep Singh, the US Deputy National Security Adviser for Global Economy, who is currently visiting India, warned that India would have to bear the brunt of trading with Russia in Russian currency or rupee. Singh said that if India traded or bought oil from Russia against US sanctions, then many western countries would impose strict sanctions on India.

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Reports also say that the US National Security Adviser has made it clear to India that even if there is any action on the Line of Control (LoC) with China, India should not expect help from the US.

On the other hand, according to Indian media, Russian Foreign Minister Sergei Lavrov met with his Indian counterpart S. Jaishankar yesterday.

The Russian Foreign Minister had said that Russia was interested in establishing a “balanced world order” that would make it sustainable. In fact, when reports of the Russian Foreign Minister’s visit to India were released, the United States criticized India, saying it was “extremely disappointing.”

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“Now is the time to stand on the right side of history and with the United States and dozens of other countries,” US Secretary of Commerce Gina Raimondo told reporters in Washington on Wednesday.

According to Indian media, Sergei Lavrov’s visit to India is expected to focus on India’s purchase of Russian crude oil at lower rates and the establishment of a rupee-ruble payment system for bilateral trade in view of Western sanctions against Moscow.  India is also offering huge concessions on oil sales to Russia.

“If India wants to buy something from us, we are ready for dialogue and mutually acceptable cooperation,” Sergei Lavrov said. On Friday, Foreign Minister Jaishankar said, “Our relations have grown and this meeting has taken place in a difficult environment, apart from the epidemic.”

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According to Indian media, the stage has been set for India to play a mediating role in the war between Russia and Ukraine. Russian Foreign Minister Sergei Lavrov’s meeting with Prime Minister Narendra Modi on Friday proved to be an important milestone in this regard. After Russia’s earlier statement acknowledging India’s mediating role in the Ukraine war, Prime Minister Narendra Modi said that India was ready to co-operate in any way in the peace process. Modi and the Russian foreign minister met for 40 minutes amid international pressure on India to take a stand against Russia’s invasion of Ukraine.

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