Armenia has offered India a trade corridor across the Black Sea to speed up the flow of Indian goods to Russia and Europe. Such a plan would provide Russia with a new trade route bypassing the Suez Canal, The Economic Times reports.
/nginx/o/2023/03/11/15192553t1hcee8.jpg?w=1250&ssl=1 "Armenia promises to help Russia circumvent Western sanctions 17")
Armenia has offered India a trade corridor across the Black Sea to speed up the flow of Indian goods to Russia and Europe. Such a plan would provide Russia with a new trade route bypassing the Suez Canal, The Economic Times reports.
The new transport corridor will run parallel to the North-South transport corridor. It will connect Mumbai to Europe via Iran and Armenia, bypassing Azerbaijan, with which India has cool relations because of its alliances with Turkey and Pakistan.
On February 4, 2023, India announced that it has not joined Western sanctions against the Russian Federation, but banks and financial institutions are wary of payments. India pays Russian oil traders in UAE currency, not US dollars.
In March 2023, it became known that Indian currency regulation had restricted payments in rupees outside India. The Indian regulator does not allow Russian companies that have received payment for Russian oil in rupees to trade it on the Moscow stock exchange and convert it into rubles.
Since March 8, 2023, Russia has become the leading supplier of oil to India after Europe cut supplies from Moscow as part of sanctions.
On March 11, 2023, the aggressor Russia became India’s largest importer, moving from 18th to fourth.
Leave a Comment