Russia built covert trade channel with India, leaks reveal
Russia has been secretly acquiring sensitive goods in India and explored building facilities in the country to secure components for its war effort, according to Russian state correspondence seen by the Financial Times.
Moscow’s industry and trade ministry, which oversees defence production to support Vladimir Putin’s full-scale invasion of Ukraine, drew up confidential plans in October 2022 to spend about Rs82bn ($1bn at the time) on securing critical electronics through channels hidden from western governments.
The plan, revealed in letters to a shadowy trade promotion body with strong links to the Russian security services, aimed to use “significant reserves” of rupees amassed by Russian banks from booming oil sales to India. It saw India as an alternative market to source crucial goods “previously supplied from unfriendly countries”.